To strengthen ILTE risk management – Nordic Investment Bank expert

Minister of Finance Kristupas Vaitiekūnas and ILTE CEO Dainius Vilčinskas signed a memorandum of cooperation on the increased NIB involvement in the ILTE strategic activities with the Nordic Investment Bank (NIB) in Helsinki.

The signed Memorandum of Cooperation will ensure the involvement of NIB experts in strengthening ILTE risk management. It is envisaged that the Bank's expert with significant international experience in risk management will be delegated to the Advisory Risk Management Committee established by the ILTE Supervisory Board, as well as the institutional structure and risk management practices of ILTE will be strengthened.

"We continue to strive for ILTE to be based on the highest standards of professionalism and responsibility. We are pleased that another expert with extensive experience will be involved in the management of ILTE. Closer cooperation with the Nordic Investment Bank is a significant indicator for increasing confidence in ILTE in the international market", Minister of Finance Kristupas Vaitiekūnas said at the time of signature.

During the meeting with NIB President André Küüsvek, the Minister thanked the NIB for its active cooperation in various formats, including finding new financing opportunities for the country's economic growth, resilience and security.

"Strengthening ILTE as a development finance institution is essential for deploying financing with added value for Lithuania's economy, and NIB is committed to contributing our expertise to this effort. Together with the Ministry of Finance, we will continue supporting financing solutions and investments that advance innovation, modern infrastructure and long term resilience," said André Küüsvek, President and CEO of NIB.

The Ministry of Finance consistently implements the ILTE strengthening direction focused on good governance, professional monitoring and the application of international standards. Memoranda on the participation of experts in the strategic management of ILTE have already been signed previously with the European Investment Fund (EIF) and the European Stability Mechanism (ESM).

The signed memoranda confirm Lithuania's ambition to integrate into the European network of financial institutions and ensure that ILTE activities are based on the highest standards of professionalism and responsibility.

The Nordic Investment Bank is an international financial institution established in 1975 by the Nordic countries - Sweden, Finland, Denmark, Norway and Iceland. On 1 January 2005, Lithuania, Latvia and Estonia became members of the NIB. The Bank's objective is to finance projects that increase productivity and environmental protection in the Member States.