VILNIUS – Lithuania will get a 300 million euro loan from the European Union to help the country to preserve jobs amid the coronavirus pandemic, European Commission President Ursula von Der Leyen tweeted on Tuesday.
Lithuania is set to receive a total of more than 600 million euros under the SURE instrument.
"I am delighted to announce that today Lithuania will receive 300 million euros in the form of loans under the SURE instrument to help Lithuania's people to keep their jobs during the pandemic. Lithuania will soon receive another 302 million euros. Europe is with you," the EC commissioner announced via Twitter.
Lithuania's Finance Ministry says the loan will come in to parts, including a five-year loan of 200 million euros with zero interest rates and a 30-year 100 million euro loan with 0.3 percent interest rates.
Lithuania should also receive another loan of 303.2 million euros in the first quarter of next year.
"Preserving jobs is key to secure faster economic growth," acting Finance Minister Vilius Sapoka said in a statement.
The Commission said on Tuesday it had paid out 14 billion euros to nine EU countries in the second installment of financial support to member states under the SURE instrument after the second issuance of social bonds under the EU SURE instrument. At the end of October, Italy, Spain and Poland already received a total of €17 billion under the EU SURE instrument.