EBRD the biggest investor in Lithuania

RIGA (ELTA) - European Bank for Reconstruction and Development intends
to double its investments in Lithuania in the forthcoming two years to
hit several hundreds of millions euro. EBRD leaders confirmed the wish
of the bank to remain one of the major structural investors in
Lithuania at a May 20 meeting with Lithuanian Prime Minister Andrius
Kubilius, held on the sidelines of the annual EBRD meeting in Riga.
EBRD leaders and Kubilius discussed participation of the bank in
developing Lithuanian energy, transport, financial and
telecommunications sectors. EBRD confirmed intentions thereof to take
active part in donors conference on financing of Ignalina n-plant first
reactor closure.

Furthermore, EBRD vowed to attract private capital to projects,
related with social problems of Visaginas city. EBRD spoke of
intentions to grant loans for modernisation of Lithuanian railways
network, and become an adviser and finance construction of an energy
bridge between Lithuania and Poland. The bank urged the Lithuanian
government to speed up consideration of issues, related with
modernization of Kaunas city heating networks.

Bank representatives proposed to grant loans for development of small-
and medium-scale trade through any Lithuanian bank. EBRD officials
claimed to be able to grant up to 100,000 loans per year with loan
amounts standing up to $50,000. Kubilius and bank officials agreed to
have Lithuanian ministries of economy and finance submit to EBRD
specific proposals on the specific Lithuanian bank, which could act as
a partner of the European bank in implementation of the projects.