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.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Cybersecurity expert in Vilnius: guard your cables and cords and never borrow from others (1)

Oct. 15th, 2019, Australia’s Deakin University Prof. Matthew Warren, Deputy Director of the Centre...

Dairy producers start feeling impact of rising US export duties

Lithuanian dairy producers say they have already felt the impact of duties , rising as of Friday,...

Nauseda doesn't expect EU budget deal by end of 2019

EU member states differ too much in their positions on the bloc's next multi-annual budget to...

Dairy products subject to 25 pct US import tariff

Lithuanian cheeses, yoghurts and other dairy products are now subject to a new 25-percent import...

Nauseda: everybody thinks about plan B despite Brexit deal (1)

The European Union is weighing all options of possible action if the British parliament rejects the...