The City Council of Vilnius decided on Wednesday to go ahead with the capital's national stadium project without EU funding, using its own funds and those provided by the central government.
Axis Industries projektas
© Axis Industries

The decision came after a delay in implementing the project prompted the Cabinet to divert around 29 million euros in EU funds originally allocated for the stadium into other projects.

The necessary funds for the stadium project will have to be earmarked in the city's budget for 2023.

The council plans to approve a financing model by November 1. Also, it may explore possibilities for borrowing money.

The city would have to provide around 50 million euros for the project, with another 55 million euros to be contributed by the central government.

On July 5, the Court of Appeals allowed the city to sign a 25-year national stadium concession agreement with Axis Industries, a company of the Icor Group.

Povilas Poderskis, the capital's municipal administration director, has told BNS that they plan to sign the contract in the fall.

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