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What business areas does VIPA invest in?
VIPA invests in public infrastructure projects or projects that meet the public interest. The main purpose of VIPA is to refurbish and modernise the existing as well as install new infrastructure in Lithuania thus contributing to the sustainable economic growth, ensuring public functions of the country and development of the financial market by funding infrastructure projects. The main areas VIPA has currently been investing in are as follows: modernisation of public buildings, of street lighting, energy efficiency and projects on renovation of multi-apartment buildings. In the future, financial instruments are planned to be provided for making use of objects of cultural heritage, water management, road, energy and other projects.
What criteria are used to select projects?
The main criterion is relevance of the project and the created value added for Lithuania’s infrastructure. The aim of VIPA is to ensure partial or full funding of such projects through the provision of loans, guarantees or other financial instruments.
Other selection criteria: measurement of the applicant’s credit quality, return of the project, assessment of possible risks, financial conditions desired by the applicant, ability to attract additional funding, etc. Every application is assessed on an individual basis.
Projects to be assessed must be related to the areas in which deficiency of funding is recorded, projects have to be economically viable (cash flows must be sufficient to support financial instruments), complementarity must be demonstrated (what value added VIPA’s financial instrument is going to generate for the project), etc.