Innovative Baltic companies to receive substantial investment

  • 2012-09-26

VILNIUS - Today, an agreement establishing the Baltic Innovation Fund (BIF) is to be signed at the Lithuanian Government. The document will be signed by the European Investment Fund (EIF) and Lithuanian, Latvian and Estonian financial institutions.

The signing ceremony will be attended by Lithuanian Prime Minister Andrius Kubilius, Economy Minister Rimantas Zylius, EIF Chief Executive Richard Pelly, Audrius Zabotka, Director General of the company Investiciju ir Verslo Garantijos of Lithuania, Chairman of the Board of Latvian Latvijas Garantiju Agentura (LGA) Klavs Vasks and head Estonian financial institution KredEX Andrus Treier.

The Baltic Innovation Fund is established in order to promote development of venture capital market in the Baltic States. The investment will be directed to highly potential companies in Lithuania, Latvia and Estonia. The BIF will invest 100 million euros in innovative companies.