Today, the Board of UAB Valstybės Investicinis Kapitalas met with the management of the Ministry of Economy and Innovation at the meeting held at the Ministry. Issues relating to the recruitment of the company’s CEO and other relevant issues concerning activities of UAB Valstybės Investicinis Kapitalas were discussed at the meeting. The private limited liability company Valstybės Investicinis Kapitalas established by the Ministry of Economy and Innovation is a limited partner of the State Aid Fund for Business established as a limited partnership, which will contribute the state contribution to the Fund.
“The Board brought together has some serious tasks, including to help Lithuanian companies to recover from consequences of the coronavirus. The key task is to properly and transparently ensure that the funds raised through state and capital market instruments are used to finance aid to business and the development of the capital market,” said Rimantas Sinkevičius, the Minister of Economy and Innovation, congratulating the members of the Board.
The Board of UAB Valstybės Investicinis Kapitalas consists of three members: Šarūnas Ruzgys, a member of the Board of UAB Victory Funds (an independent member), Robertas Vyšniauskas, an independent member of the Board and a member of the Audit Committee of EPSO-G UAB (an independent member), and Tomas Urban, Director of the Business Environment Department of the Ministry of Economy and Innovation. The Board members have been elected for a four-year term of office.
Two companies were established for the implementation of the State Aid Fund for Business: UAB Valstybės Investicijų Valdymo Agentūra (managed by the Ministry of Finance) (VIVA) and UAB Valstybinis Investicinis Kapitalas (managed by the Ministry of Economy and Innovation) (VIK), which is the state’s co-investor. The state invested EUR 1 million and EUR 100 million in the capital of these companies, respectively.
The planned size of the Fund’s investment portfolio is EUR 1 billion, of which the state will invest in the State Aid Fund for Business 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.