VILNIUS – Some 149 million euros are to be injected into the Lithuanian economy this year after EU finance ministers approved on Monday the country's national recovery and resilience plan worth over 2 billion euros in total, Finance Minister Gintare Skaiste said.
The money will be used to fund the installation of 200 MW energy batteries, the so-called millennium school program and the development of digital innovations in education, as well as to expand the Innovation Fund's financial instruments focused on startup programs.
"The main boost to the economy should come in the next three years," Skaiste told a press conference in Vilnius.
Lithuania has been allocated a total of 2.225 billion euros in grants under the Recovery and Resilience Facility (RRF) for 2021 through 2026, with the money to be paid out in disbursements.
Following the Council's approval of the national plan, dubbed "New Generation Lithuania", the government and the European Commission have yet to sign a financing agreement, and 289 million euros in pre-financing, or 13 percent of the total allocated amount, will likely reach the country in late summer or early autumn.
Some 435 million euros in funding under the RRF should be disbursed in 2022, 609 million euros in 2023, 624 million euros in 2024, 293 million euros in 2025, and 114 million euros in 2026.