TGS Baltic client, The European Investment Bank (EIB) together with Šiaulių bankas AB signed amendments to the Pre-financing and Contingent loan agreements concluded in 2016 to increase the Bank’s investment by €60 million – up to €255 million from €195 million – to finance the modernization programme of multi-apartment buildings in Lithuania.
Šiaulių bankas has been involved in the financing market for the modernization of multi-apartment buildings in Lithuania for more than 12 years. During this period, the Bank and its partners have financed the renovation of more than 3,000 projects total loan worth exceeding €1.2 billion.
Junona Bumelytė, EIB Fund and Structuring Officer, highlights that this partnership between Šiaulių Bankas and the EIB represents a significant step in enhancing their collaboration in the housing sector. According to her, by supporting renovation and energy efficiency, the initiative contributes to sustainable development, greener homes, and broader climate goals.
Šiaulių bankas launched the €200 million SB Modernisation Fund 2, financed by Šiaulių bankas itself, the Government, with the EIB as fund manager, as well as Swedbank, the European Bank for Reconstruction and Development (EBRD), and pension funds managed by the Šiaulių bankas Group in 2024. This fund has already signed financing agreements for almost all allocated amount to renovate up to 300 multi-apartment buildings across Lithuania.
The aim is to renovate most of the multi-apartment buildings in Lithuania by 2050. Two thirds of these buildings are currently energy class D and below. Modernized buildings save energy while improving living conditions and increasing value.
TGS Baltic, with lawyers Vilius Bernatonis, Sebastian Okinczyc, and Enrika Gudzevičiūtė, advised the European Investment Bank on all legal matters.
