City of Vilnius seeks €50m from EIB to finance infrastructure

The EIB said on its website that the city's request was "under appraisal”.

Alma Vaitkunskienė, the municipality's director of administration, said that the city wanted to borrow funds for new projects, as well as to refinance existing loans.

"Since the new programming period has started, we are looking to borrow funds in the future at the most favourable rates. A part of the EIB Funding would go toward our new Territorial Development Programme, as well as school and kindergarten renovation projects,” she said.

"There are also ongoing projects and existing loans with high interest rates. Therefore, we have asked the EIB if they could lend to us on better terms," she said.

Vilnius Street Lighting Electricity Network has also sent an inquiry to the EIB about borrowing but a decision on any loans for the municipal company will be made after the city takes a final decision on the upgrading of the street lighting network.