OREANDA-NEWS. June 11, 2013. President Dalia Grybauskaite during her meeting with Mr. Werner Hoyer, President of the European Investment Bank, discussed the development of Lithuania's strategic and energy projects as well as financing of the liquefied natural gas (LNG) terminal constructed in Klaipeda.
 
According to the President, successful cooperation with the European Investment Bank is important to Lithuania both in developing infrastructure projects and ensuring energy self-dependence. The President noted that this Bank's contribution to the construction of the LNG terminal would help reduce Lithuania's dependency on the single gas supplier and would ensure lower consumer prices.
 
The European Investment Bank which is owned by the 27 EU countries recently has adopted a decision to contribute to building the LNG terminal in Lithuania and, if necessary, to grant the loan of up to 300 million litas for the development of this strategic project. The loan will be granted on favourable terms and will secure the timely implementation of the LNG terminal project.
 
Lithuania and the European Investment Bank already have the experience of successful cooperation in using the funds of the EU budget for the period 2007-2013. Over this period, Lithuania received the loan of 3.9 billion litas. The funds were used for the development of transport and energy sectors, environmental protection, research, innovations, and tourism.
 
The European Investment Bank lends money on favourable terms to projects in line with EU policy objectives.