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“We already have a need. At least as far as we know, it seems that there are seven potential companies that are interested in the opportunities. (…) I hope that this unit will be operational in September,” V. Vasiliauskas told reporters on Friday .
According to him, the fund should have started operations earlier, but it can be assumed that in September it will be able to start its activities: the establishment of companies under the two ministries for the fund will be completed.
“My expectation is that it will start operating in May, then in June. Now that the selections have been made and that at least the“ leg ”of the Ministry of Finance is fully formed, the“ leg ”of the Ministry of Economy and Innovation, which As far as I know, it is also nearing completion, so (…) I hope to start in September “, said V. Vasiliauskas.
According to him, it is to be expected that the support to stakeholders will be provided in an objective manner.
“There are independent experts and I think the decisions will be made without any kind of behind-the-scenes politics. My message is that there is interest. Now: whether or not it is assigned, under what conditions, the scheme is approved by the European Commission, as it is part of the state aid scheme ”, said V. Vasiliauskas.
The objective of the Business Support Fund is to help medium and large companies operating in Lithuania affected by the crisis caused by the COVID-19 coronavirus, the closure of which may have significant socio-economic consequences.
It is expected that the fund will operate as a limited partnership, which will be established by the company “Capital de Inversión” under the Ministry of Economy and Innovation, the limited partner of the fund. Another company established for the implementation of the Fund is the State Investment Management Agency (VIVA) administered by the Ministry of Finance. The state invests 1 million in the capital of the latter company. 100 million euros for the first. euros.
In May, the EC approved Lithuania’s state aid scheme, which will attract up to 1 billion. Investments in medium and large companies affected by the COVID-19 coronavirus outbreak.
The government will initially invest $ 100 million. and will guarantee up to 400 million euros. € 1 billion worth of bonds, to be issued to raise additional funds for the fund. Another 500 million are expected. Private investors will attract euros to the fund.
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