Vilnius will borrow between €25m and €50m from the European Investment Bank to refinance earlier loans and investment projects, Mayor Remigijus Simasius told the Baltic News Service. The 10-year loan with an interest rate of 1 percent is expected to be signed soon, following a vote by City Council today.
“This would be formed as a credit line. The money would be used for two areas, one of them is refinancing old debts and making them cheaper. At least half of the money will be earmarked for these needs, if we take €25m euros. The rest of the sum is planned exclusively for investment in co-financing of projects financed by the European Union,” Simasius told the news agency. The Lithuanian capital currently has €385.8m in debt, including €135.69 in loans.
