Another 200 million for the renovation of apartment buildings in Lithuania. euros

“SB Modernization Fund 2” was established and renovation loans will be provided and administered by Šiaulių bankas. The fund will be financed by Šiaulių bankas itself, the state with the help of the EIB as a fund manager, as well as Swedbank, the European Bank for Reconstruction and Development (EBRD) and pension funds.

The state provides 40 million to the fund. EUR loan. Swedbank – 95 million EUR loan, EBRD – 25 million. EUR, and Šiaulių bankas – 32.5 million. euros, and 7.5 million pension funds managed by SB Asset Management will invest EUR.

“Financing aimed at sustainable investments will ensure a faster, progressive and sustainable urban environment-driven renovation wave around the world, will enable the implementation of commitments to promote sustainable construction practices, contribute to the development of renewable energy and climate goals for a greener future,” the environment said in a statement. Minister Simon Gentvilas.

After renovating up to 300 buildings throughout Lithuania with the funds of the fund, about 10 thousand families will feel the changes. In Vilnius alone, this fund plans to finance the renovation of up to 40 apartment buildings.

“The SB modernization fund is unique in that both international institutions and Lithuanian financial institutions have pooled their resources, and everyone will feel the benefits – the quality of life of thousands of residents will improve, heating costs will decrease, less CO2 will be released into the environment, and businesses that participate in the modernization of apartment buildings will strengthen in the process. In this way, we will all contribute to the creation of a more sustainable and beautiful Lithuania. Lithuania’s renovation financing model is an example for other countries that are dealing with similar problems,” said Vytautas Sinius, Head of Administration of Šiaulių bankas.

“SB Modernization Fund 2” is already the second fund established by Šiauliai bankas together with EIB. in 2022 the first 275 mln. EUR “SB Modernization Fund” was successfully distributed and the renovation of 395 apartment buildings is financed with its funds.

“We are one of the largest financiers in the country and we aim to promote the transformation of sustainability, actively contribute to the reduction of emissions, and the creation of a more sustainable environment. Sustainable energy and energy efficiency projects form a significant part of Swedbank’s business loan portfolio.

Over the past 14 years, we have allocated more than 260 million to multi-apartment modernization programs. euros. According to this indicator, we are among the financing leaders in this area and we see a lot of potential in it,” said Ignas Mačeika, member of the Board of Directors of Swedbank in Lithuania, Head of Business Client Service.

“We are happy to contribute to the efforts of Šiauliai bankas to contribute to the modernization of residential houses in Lithuania. Increasing the efficiency of energy consumption is very important not only in order to accelerate the decarbonization of the housing stock in Lithuania, but also to help reduce the energy bills of residents and homeowners in a period of persistently high energy prices,” said Sue Barrett, director of EBRD infrastructure in Europe, the Middle East and Africa.

Šiaulių bankas occupies 65 percent. For more than 12 years, he has been participating in the Lithuanian apartment building modernization financing market and apartment building modernization programs in cooperation with the EIB. During this period, modernization loans for more than 1 billion were signed. euros and more than 2,800 apartment building modernization projects were financed.

Lithuania aims to to renovate most of the old apartment buildings. Two-thirds of such houses are currently in D and lower energy classes. Modernized apartment buildings save energy and at the same time improve living conditions and increase the value of housing.