Lithuanian govt doubles its business support to EUR 1b

  • 2020-03-30
  • BNS/TBT Staff

VILNIUS – Lithuania's government is doubling the level of its support to maintain business liquidity from 500 million to more than 1 billion euros.

Energy Minister Zygimantas Vaiciunas, also acting as economy and innovation minister, the government plans three key measures to support business liquidity.

"The whole package of Invega (the state enterprise aimed at promoting business growth and competition in Lithuania) exceeds 1 billion euros, and the government has doubled the number of financial instruments. The majority of the sum will be spent on guarantees and three key instruments, including loan "holidays", guarantees and loans," Vaiciunas told a press conference on Monday.

Kestutis Motiejunas, head of Invega, says over 800 million euros will be spent on guarantees. "The state is ready to guarantee that sum to financial institutions for business loans," Motiejunas said.

He also said Invega will soon announce new measures to maintain business liquidity.

Several weeks ago, the Lithuanian government endorsed an unprecedented economic stimulus package, worth 5 billion euros, to mitigate negative consequences of the coronavirus crisis for residents and businesses.