To slow down the heating up of the housing market and the growth in the volume of housing loans, the Bank of Lithuania decided to increase the minimum down payment requirement for the second and subsequent loans to 30%. The exemption to this requirement will only be granted in the cases when the outstanding amount of each previous loan is lower than 50% of the value of housing purchased using that loan. The new amendments to the Responsible Lending Regulations will enter into effect on 1 February 2022.

For the first time Rail Baltica global project coordinator launches fully online hackathon with the aim to facilitate new ideas around the infrastructure of the future, linking people, nations and places. The Rail Baltica Hackathon will bring together over 100 participants from all three Baltic countries and beyond during a fully online 48h hackathon held on November 19-21, 2021. Participants from across the Baltic countries and beyond the region’s borders are invited to submit inspiring and innovative ideas in either of the three core elements: Connectivity, Sustainability and Community.

In order to promote investment in the development of modern transport systems and products, intelligent transport systems and innovative technologies, especially environmentally friendly ones, the Ministry of Transport and Communications offers a financial instrument for micro-, small and medium-sized enterprises – a co-investment fund for transport. The total value of the fund for small businesses to develop new innovative products and services is no less than EUR 4 mln.

Alternatives of the special plan for the Rail Baltica railway tracks from Kaunas to Vilnius were presented to the wider public. During the presentation, the project developers discussed the proposed alternatives and, together with the representatives of the Ministry of Transport and Communications and LTG Infra railway company, answered the citizens’ questions.

Since the end of October, the number of direct and regular flights at Lithuanian airports has increased. As the intensive recovery of the aviation sector continues, it is planned that as many as eleven new destinations will be launched from Vilnius and Kaunas airports before the end of the year, while some of the previously existing routes are to be renewed in parallel.

The rearrangement of the organisational structure of the Bank of Lithuania will be concluded next week, which will reinforce the governance of the institution and increase operational efficiency, while the collegiate decision-making committee will be granted part of the decision-making powers in terms of financial market supervision.

The number of specialised banks providing competitive services to consumers continues to grow: following the proposal of the Bank of Lithuania, the European Central Bank (ECB) granted Saldo Finance, UAB a specialised bank licence. It is already the eighth financial market participant to be granted such a licence.

In the UAE, Minister of the Economy and Innovation Aušrinė Armonaitė together with Prime Minister Ingrida Šimonytė and a Lithuanian Business Delegation will present Lithuania’s investment environment to representatives of the UAE Government and businesses and will discuss possibilities to intensify business dialogue between the two countries in both traditional and high-tech sectors. Equally, representatives of Lithuanian companies who seek contacts with Dubai businesses will be visiting the capital of the UAE.

‘Both Lithuania and the UAE associate their future with technology progress and innovation, so we are particularly interested in expanding cooperation in life sciences, lasers, biotechnology, information and financial technology and research. Moreover, Lithuania is an ideal place for implementing investment projects and entrepreneurs of our country have excellent offers to the UAE businesses that seek to become global leaders in innovation,’ says Minister Armonaitė.

Lithuanian life sciences companies are ready to offer exceptional products in the fields of genetic medicine and healthcare products to meet the needs of the UAE market.

Aušrinė Armonaitė will be visiting EXPO 2020, where she will participate in the events under the Lithuanian National Day Programme and the Lithuanian-UAE Business Forum to present Lithuania’s business opportunities and investment environment. According to the Minister, Lithuania sees this exhibition as an important platform for raising awareness about Lithuania. This six-month event offers opportunities to Lithuanian businesses to get established in this priority market, which also opens access for Lithuania to other Gulf and North African states.

One of the strategic objectives of the Ministry of Transport and Communications is successful development of cycling infrastructure to enable free movement. Preparing clear recommendations for municipalities is one of the first steps in transforming the urban transport infrastructure. Next year, recommendations for constructing pedestrian and cycle paths in Lithuania will be updated based on the practices in the Netherlands, which are famous for having the best cycling infrastructure.

Minister of Transport and Communications Marius Skuodis approved a development plan for high speed broadband internet connection intended to accelerate country-wide expansion of electronic communications infrastructure. The plan provides for at least 100 Mbps internet speed access across the country, including households and institutions in major cities and in remote areas in 2021–2027.