Today, the Ministry of Finance approved the Supervisory Board of the State Investment Management Agency (VIVA) consisting of Darius Daubaras, Project Manager and Advisor of the Strategic Finance and Development Department at Saudi Aramco (an independent member), Giedrius Dusevičius, Director of UAB Digital Audio and Chairman of the Board of AB Klaipėdos Nafta (an independent member), Raimonda Eidžiūnė, Senior Advisor of the Investment Department of the Ministry of Finance of the Republic of Lithuania, and Valdas Vitkauskas, Associate Director of Financial Institutions in the SEMED Region at the European Bank for Reconstruction and Development (an independent member).
“Congratulations to the newly appointed members of the Supervisory Board. The state’s priority is to invest in economic recovery and sustainable growth, and the aim of the State Aid Fund for Business being established is to help medium-sized and large enterprises operating in Lithuania affected by COVID-19. The Board of VIVA is subject to top transparency requirements,” says the Minister of Finance Vilius Šapoka.
Taking into account the need to ensure the necessary competences, independent Board members and professionals in the field were invited to the management of the State Aid Fund for Business (hereinafter - the Fund).
In the near future, the Supervisory Board of VIVA will appoint the Board (the Investment Committee) and oversee the implementation of the Fund’s strategy. The term of office of members of the Supervisory Board is four years.
The objectives of the Fund include:
- to provide investments to large and medium-sized Lithuanian enterprises, the termination of the activities of which would trigger a chain reaction and have significant socio-economic consequences;
- to preserve sectors of the economy important to the state so that they are best prepared for economic recovery;
- to promote capital market in Lithuania, giving priority to capital market measures;
- to attract institutional investors;
- to implement specific objectives (sustainable, green investments or others) provided for in the investor agreement in certain sectors of the economy.
Two companies were established for the implementation of the Fund: the Private Limited Liability Company Valstybinių Investicijų Valdymo Agentūra (managed by the Ministry of Finance) (VIVA) and the Private Limited Liability Company Valstybinis Investicinis Kapitalas (managed by the Ministry of Economy and Innovation) (VIK), which is the state’s co-investor. The state will invest EUR 1 million and EUR 100 million, respectively, in the capital of these companies.
The planned size of the Fund’s investment portfolio is EUR 1 billion, of which the state will invest EUR 100 million as an initial contribution, planning to provide a state guarantee of up to EUR 400 million for non-equity securities. The remaining share will come from private and / or institutional co-investors.