The Lithuanian government on Wednesday allocated 276 million euros from borrowed funds for military mobility and infrastructure projects.
“The adoption of the law on solidarity contribution and the right to borrow this year have allowed us to form an investment package of over 540 million euros,” Finance Minister Gintarė Skaistė told a cabinet meeting on Wednesday.
“In the first year, as I mentioned, 276 million euros will be invested: 148 million euros through the Defence Ministry, and 128 million euros through the Ministry of Transport and Communications,” she said.
According to the government resolution, these funds will be used for the design and construction of new buildings, ammunition and explosives depots, firing ranges, the internal road network of the Rūdninkai military training area, national roads, and other projects.
According to the government, 540 million euros is planned to be spent on military infrastructure and military mobility projects over the period of 2023-2025. The temporary solidarity contribution will amount to 380 million euros.
In May, the Lithuanian parliament adopted the law on “temporary banking solidarity contribution”. The levy was proposed as banks in Lithuania are projected to earn more than 1 billion euros in profits this year.
The levy is expected to raise more than 400 million euros in revenue for the state that will be used for defence, military, and civilian transport infrastructure.
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