Lithuania has secured €90 million (£78.11m) to upgrade the energy efficiency of its multi-apartment buildings.
Through the ‘Jessica II’ fund, Šiaulių Bankas and the European Investment Bank (EIB) will finance the refurbishment and modernisation of at least 9,000 apartments.
Helping domestic home-owners cut their energy bills and improve the living quality of their homes is one of the key priorities of the country’s government.
Šiaulių Bankas will provide two thirds of the funding, with the EIB financing the remainder.
EIB Vice President Andrew McDowell said: “The successful deployment of Jessica funds has helped to create jobs as well as lower carbon emissions in Lithuania. These funds enable tens of thousands of apartment owners to refurbish their houses and enjoy significant energy savings.
“I am convinced that the efforts and dedication of our team on the Jessica funds programmes will draw other international financial institutions into these very rewarding projects.”
Lithuania has seen a record growth in power consumption, reaching a 25-year high last year.
Improved energy efficiency measures in the UK have helped reduce the cost of average energy bills by £290 since 2008.