The European Commission (EC) had earlier approved the financial facility "Direct loans to businesses affected by the actions of third countries".
"Lithuania is the first EU country to have developed and agreed with the EC a completely new financial facility scheme to help businesses that are in difficulty due to the actions of third countries. It is important to note that it is not only for Lithuanian businesses that have already suffered at the hands of China because of our country's principled stance towards Taiwan, but also for other EU countries that may face economic pressure in the future. The possibility to borrow working capital will allow businesses to search for and discover new markets, partners and export destinations," said Aušrinė Armonaitė, Minister of the Economy and Innovation.
The loans will be open to companies whose share of imports or exports with China in 2021 was at least 25% of their total imports or exports.
The loans will be granted on preferential terms for a maximum period of 24 months, including a grace period of no more than 6 months from the date of signing the contract.
The loans will be administered and provided by UAB "Investicijų ir verslo garantijos" (INVEGA). More information on the Facility can be found here.
