“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.
Dainius Vilčinskas worked in the Lithuanian branch of Swedbank, AB for 19 years; lately he worked as the Head of Corporate Banking for the Baltic States and was a member of the Board of the bank.
“Joining the professional team of the Fund, I believe that my long-term experience in the financial sector and knowledge of Lithuanian business will allow us to quickly and efficiently organize activities of the Fund,” says Dainius Vilčinskas.
According to him, in pursuit of the successful start of operation of the Fund, the immediate priorities will include bringing together a strong organizational team of the Fund, introducing transparent principles for the use of the funds and starting the actual distribution of financial aid to companies affected by the coronavirus crisis. In the longer term, in addition to public investment, the aim will also be to attract private investments to the Fund and to ensure an attractive return.
The CEO of VIVA will be subordinate and accountable to the Board of the State Aid Fund for Business, whose work will in turn be supervised by the Supervisory Board. The purpose of the State Aid Fund for Business is to support medium-sized and large enterprises operating in Lithuania affected by the coronavirus COVID-19 crisis, the termination of activities of which may have significant socio-economic consequences. The European Commission also approved the establishment of this Fund having approved the scheme for the provision of state aid. The Fund will consist of a state’s contribution as well as contributions from international financial institutions and private investors. Assets of the Fund may be invested in debt and equity securities of companies or used to disburse loans.