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2020.04.02 11:00

Lithuania sets up fund to support coronavirus-hit large business

BNS2020.04.02 11:00

The Lithuanian government has decided to set up a fund to directly provide financial assistance to hard-pressed large businesses.

The fund will provide liquidity by investing in companies' shares or debt securities and serve as a lender of last resort.

Read more: Lithuania doubles business support to €1bn

“We see problems not only for small and medium-sized businesses, but also for large ones,” Energy Minister Žygimantas Vaičiūnas, who is also acting as economy and innovation minister, told the Cabinet on Wednesday.

“Therefore, we propose to set up a fund to provide sufficient access to financial resources for companies that successfully operated until recently, but are now facing difficulties due to the economic effects of the virus.”

The government has allocated 100 million euros for the creation of the fund, which is expected to be launched on April 15.

The new fund will lend and invest money directly, rather than through financial intermediaries.

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