EU Commission approves EUR 6.4 b Cohesion Fund investment in Lithuania

  • 2022-04-23
  • BNS/TBT Staff

VILNIUS – The European Commission on Friday adopted its Partnership Agreement with Lithuania, laying down Lithuania’s investment strategy worth 6.4 billion euros in cohesion policy funding for the period 2021–2027.

Compared to the period of 2014–2020, the amount decreased by approximately one-fourth, Lithuania's European Commissioner Virginijus Sinkevicius said calling, however, to taking into account the current level of Lithuania’s development and support for post-pandemic economic recovery allocated last year.

“We received approximately 8.4 billion euros in the previous period but Lithuania’s current level of development is way different from what it was eight years ago. Including 2.2 billion euros approved by the EU last year within the framework of the Economic Recovery and Resilience Facility, the amount of financial support is broadly the same,” he told BNS on Friday.

According to the commissioner, 2.1 billion euros would be earmarked to support the green transition that would allow renovating more than 4,000 multi-apartment buildings, 1.8 billion euros would be allocated to measures to address social problems, reduction of poverty and income inequality, nearly 1 billion euros – to the transformation of the country’s economy, and another nearly 1 billion euros – to urban development.