Selection of candidates to the Board, the Independent Supervisory Board and the Director of UAB Valstybės Investicijų Valdymo Agentūra (VIVA) which will manage the State Aid Fund for Business has been announced. Candidates for these positions can apply till June 5; then they will be evaluated by a panel of experts. Works of establishment of the Fund will start on Tuesday after the European Commission approves the plan of the State Aid Fund for Business of Lithuania.
The aim is to attract candidates who have solid practical experience in managing investment funds, excellent knowledge of financial instruments and experience in evaluating investment projects to take the posts of the CEO, the Board and independent members of the Supervisory Board of the company managing the State Aid Fund for Business. Skills, such as leadership, strategic thinking and ability to pursue goals, will also be assessed in the selection of candidates. Independent consultants of UAB AIMS International Lietuva will assist in the selection of candidates.
Financial support from the Fund will be available to medium-sized and large enterprises facing difficulties as a result of the pandemic, the termination of the activities of which may have significant socio-economic consequences.
The Fund will provide financing in accordance with the principles set out in the European Commission’s Communication on State Aid. Support to companies will be provided in the form of loans, debt securities, equity investments or hybrid instruments. Such an aid mechanism is expected to encourage companies applying for aid to issue debt securities, thus contributing to the development of the capital market in Lithuania.