VIPA grants subsidised loans for renovation (modernisation) of multi-apartment buildings according to the programme approved by the Government of the Republic of Lithuania, the aim of which is to reduce thermal energy costs, to rationally use energy resources, to ensure effective use of housing, to improve the living environment and the quality of life of residents.
Financial instruments for infrastructure were put into action in Lithuania with the aim to renovate (modernise) multi-apartment buildings. In 2009, JESSICA Holding Fund (JESSICA HF) was set up which is operated by the European Investment Bank, and VIPA was assigned a financial intermediary. Based on the success in implementing JESSICA HF and having measured all advantages of financial instruments, the decision was made to expand the application of financial instruments in the period from 2014 to 2020 and using the allocations of the 2014-2020 EU structural funds the Fund for Modernisation of Multi-apartment buildings (hereinafter referred to as the (DNMF) was established which is designated to meet the dramatically increased demand and ensure the continued funding of projects on modernisation of multi-apartment buildings. Given the fact that the interest in renovation of multi-apartment buildings has remained considerable, on 10 May 2017, VIPA signed an agreement with the European Bank for Reconstruction and Development so as to further ensure the continuity of the process.
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