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EUR 50 million loan for renovation of multi-apartment buildings

2017-05-11

Yesterday, the Public Investment Development Agency and the European Bank for Reconstruction and Development signed an agreement for a loan of EUR 50 million for the renovation of old multi-apartment buildings in Lithuania. This loan will provide the possibility of financing the renovation of at least 150 such buildings.

“This multi-million loan is very important to us. It will help improve energy efficiency in multi-apartment buildings”, says Rėda Brandišauskienė, Vice-Minister of Environment. “Over the recent years, Lithuania has become one of the EU leaders in implementing the projects intended for this purpose. They allow not only improving the quality of life for the owners of such buildings and the aesthetical view of the cities but also significantly reducing greenhouse gas emissions released into the atmosphere and promote the development of the construction sector.”

The funds lent by the EBRD will be allocated to granting of preferential loans for the renovation of multi-apartment buildings. Recently, a high demand for such loans has been observed. A total of 66 per cent of the country’s population reside in around 38,000 multi-apartment buildings. Around 35,000 of such buildings were constructed earlier than three decades ago. Only 4 per cent of old multi-apartment buildings have been renovated so far.

Based on the data of the Housing Energy Saving Agency, the savings of thermal energy comprise from 50 to 70 per cent in more than half of the renovated multi-apartment buildings and from 70 per cent to 87 per cent in 11 per cent of such buildings. This confirms the reasoning of researchers that the possibilities to save almost 50 per cent of energy are to be found in the country’s residential sector.

Communication Division
11 May 2017


Minister of Environment of Lithuania Kęstutis Navickas
Minister of Environment of Lithuania Kęstutis Navickas