It was said earlier that the fund could be operational in June. In early April, when the initiative was unveiled and approved by the Cabinet, plans called for launching it on April 15.
"The launch of the fund has been delayed because the process of coordination with the European Commission has taken time and because a lot is being invested to select a management structure and independent experts who will help ensure the fund's independence, the right governance and strategic investment," Savickas told a news conference.
"The fund should be operating at full capacity at the end of summer," he added.
The central Bank of Lithuania in late May announced the selection of candidates for the chief executive officer and members of the management and supervisory boards of Valstybes Investiciju Valdymo Agentura (Public Investment Management Agency), a new agency that will manage the Aid Fund for Business.
The procedures to set up the fund were launched after the European Commission approved in May Lithuania's state aide scheme that aims to raise up to 1 billion euros of investments in medium and large-sized enterprises affected by the coronavirus outbreak.
The Lithuanian government will provide an initial investment of 100 million euros in the fund, and will guarantee bonds up to 400 million euros that will be issued to raise additional capital for the fund. The fund will also aim to raise an additional 500 million euros from private investors.
