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 State Aid Fund for Business will be launched today. It will help to ensure the liquidity of medium-sized and large enterprises, their access to financing and faster recovery from the crisis.
“After assessing the candidate’s experience, competence and motivation, the Board decided to appoint Dainius Vilčinskas the CEO of VIVA. We hope that after he starts working in the nearest future, works of the State Aid Fund for Business will gain new momentum,” says Normantas Marius Dvareckas, Chairman of the Board of VIVA.
The State Aid Fund for Business already has its executives having elected the Board of the State Investment Management Agency (VIVA) and its Chairman. They will be in charge for the State Aid Fund for Business investment decision-making.
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).
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 European Commission (EC) has given the green light to the establishment of the State Aid Fund for Business in Lithuania, having approved the scheme for the provision of state aid today. It is the first scheme approved in the European Union (EU) under the extended temporary state aid framework to allow states to recapitalize non-financial companies affected by the COVID-19 outbreak. Intensive negotiations for the adoption of this measure lasted for a month and a half.