2021.07.26 16:23

Lithuania to inject €149m into economy under recovery plan approved by EU

BNS2021.07.26 16:23

Lithuania will inject some 149 million euros into the economy this year after the EU finance ministers approved the country’s post-pandemic recovery plan on Monday.

The 149 million euros to be allocated this year will fund the installation of 200 MW energy batteries, the so-called millennium school programme and the development of digital innovations in education, as well as to expand the Innovation Fund's financial instruments focused on startup programmes.

"The main boost to the economy should come in the next three years," Finance Minister Gintarė Skaistė told reporters on Monday.

Lithuania has been allocated a total of 2.225 billion euros in grants under the Recovery and Resilience Facility (RRF) for 2021–2026, with the money to be paid out in installments.

The European Council endorsed the national plan, New Generation Lithuania, on July. However, the Lithuanian government and the European Commission are yet to sign a financing agreement and 289 million euros in pre-financing, or 13 percent of the total allocated amount, will likely reach the country in late summer or early autumn.

Some 435 million euros in funding under the RRF should be disbursed in 2022, 609 million euros in 2023, 624 million euros in 2024, 293 million euros in 2025, and 114 million euros in 2026.

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