Prime Minister Algirdas Butkevičius said that the fund would provide guarantees on bank loans for building renovation and street lighting modernization projects.
"That fund will focus on two main areas of activity: modernization of street lighting and renovation of public buildings. We hope that this will be a successful start to the implementation of the financial engineering instrument, which means that the fund's money will serve as a guarantee in taking out loans from commercial banks," he told reporters after the Cabinet's meeting.
The prime minister said that the implementation of new technologies could help reduce electricity consumption by half.
"These funds will be returned. By 2020, the fund has to accumulate and generate additional money from EU support. This means that by the end of 2020, we will have accumulated a considerable amount of money in that fund," he said.
According to the Ministry of Finance, the plan is to upgrade around 57,000 street lamps and renovate 400,000 square meters of public buildings by 2023.
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