360 million reached Lithuania. “New Generation Lithuania” plan funds

“We have repeatedly noted that the plan includes not only investments, but also reforms, the implementation of which usually requires political will. We are confidently moving forward implementing the necessary steps for Lithuania, this time in the areas of social security, health system, national defense and green finance. Thanks to these reforms, we received funds for further investments for both business and people, which will increase the growth potential of Lithuania’s economy, resistance to future shocks, expand the use of renewable energy resources, increase energy efficiency and cyber security,” Finance Minister Gintarė Skaistė noted in the announcement.

The uniqueness of the “Naujos Kartos Lietuva” plan is that the funds are not paid out for incurred project costs, but only when the indicators are met.

The progress of the plan is monitored periodically, together with EC experts. After submitting a payment request, the EC usually evaluates it within two months, and on the basis of this evaluation, with the approval of the EU Council, funds are allocated. In the case of Lithuania – for the first five indicators of the loan part.

360 million EUR 1 billion funds will be used to finance the planned additional measures of the New Generation Lithuania plan: EUR 1 billion. EUR for acquiring or developing green, digital and innovative business technologies that would create high added value and are export-oriented, and additional more than EUR 550 million. euros – to the production of electricity from renewable energy sources.

According to experts, it is expected that due to the new investments of the “New Generation Lithuania” plan in 2023-2027 during the period, a faster growth of the real gross domestic product (GDP) will be ensured – on average by 0.97 percent. or after 492.5 million euros per year.

The value of the supplemented loan payment request of the “New Generation Lithuania” plan is 387 million. euros, but the funds will be disbursed proportionally after deducting the already paid advance.