TGS Baltic assisted European Investment Bank (EIB) on signing an agreement with Šiaulių Bankas to set up and manage a second EUR 200 million renovation fund.

13.02.2024 TGS Baltic assisted European Investment Bank (EIB) on signing an agreement with Šiaulių Bankas to set up and manage a second EUR 200 million renovation fund.

On February 13, 2024, Šiaulių Bankas signed an agreement with the EIB to amend the 2020 operational contract for the Multi-apartment Building Renovation Fund, committing to set up and manage a second EUR 200 million multi-apartment building renovation fund.

The second Multi-apartment Building Renovation Fund is planned to finance the renovation (modernisation) of around 300 multi-apartment buildings in Lithuania. Around 11,000 households would benefit from the changes. The bank is already negotiating with potential investors in the new fund.

The first €275 million "SB Modernisation Fund" was established in 2022, has been successfully disbursed and has already financed the renovation of 395 apartment buildings.

Šiaulių Bankas has a 65% share in the Lithuanian multi-family modernisation financing market and has been involved in multi-family modernisation programmes in cooperation with the EIB for over 12 years. During this period, more than EUR 1 billion of modernisation loans have been disbursed and more than 2,800 multi-apartment buildings modernisation projects have been financed.