With a loan of €25 million to SB Modernization Fund 2, a specialized fund managed by Šiaulių Bank, alongside contributions from Swedbank and the European Investment Bank, the EBRD aims to facilitate energy efficiency upgrades in multi-apartment residential buildings across Lithuania.

Specifically targeting the capital city, the EBRD's funding will exclusively finance renovations aimed at enhancing energy efficiency in these buildings, thereby reducing carbon emissions. This aligns with Vilnius's goals outlined in its Green City Action Plan, part of its participation in the EBRD Green Cities program, making it the first Baltic city to join.

These renovations not only address Vilnius's environmental priorities but also support Lithuania's broader objectives of accelerating the transition to a green economy. Currently, the majority of residential buildings in Lithuania fall into energy performance classes D and lower, consuming significantly more energy compared to newer constructions.

This investment builds upon the EBRD's ongoing commitment to enhancing residential energy efficiency in Lithuania. Sue Barrett, EBRD Director for Infrastructure in Europe, the Middle East, and Africa, highlighted the significance of such efforts in decarbonizing housing stocks and alleviating energy costs for residents.

Vytautas Sinius, Head of Administration at Šiaulių Bank, emphasized the collective benefits of the SB Modernization Fund, underscoring improvements in residents' quality of life, reduced heating expenses, lowered carbon emissions, and strengthened involvement from the business sector in modernizing apartment buildings.

Established in 1992, Šiaulių Bank stands as the fourth-largest bank in Lithuania, renowned for its retail and commercial banking services, and particularly notable for its support in financing multi-apartment building renovations.

As a leading institutional investor in Lithuania, the EBRD's investment portfolio exceeds €1.5 billion across 126 projects in the country, reflecting its longstanding commitment to the nation's development.