Lithuania Enhances Public Transport Sustainability With EBRD And NIB Funding

12/10/2024 8:07:42 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 10. The European Bank for Reconstruction and Development (EBRD) and the Nordic Investment bank (NIB) have announced 80 million euros in joint financing to modernize Vilnius' public transport system, Trend reports.

Each institution is lending 40 million euros to Vilniaus Viešasis Transportas (VVT), the city's urban transport company, to expand its electric fleet with up to 73 new electric trolleybuses and 85 battery electric buses.

The investment aims to improve public transport quality and accessibility while supporting Vilnius' transition to sustainable mobility. The new trolleybuses, expected by 2025, will feature lower noise levels, climate control, and low floors for enhanced accessibility.

Ignas Degutis, Director General of VVT, emphasized the importance of the financing:“We plan to have a fully renewed trolleybus fleet by the end of 2026, ensuring comfortable and safe journeys for residents and visitors alike.”

Sue Barrett, EBRD Head of EMEA Infrastructure, highlighted the initiative's role in Vilnius' Green City Action Plan, stating, “This investment helps the city reduce emissions and improve urban living conditions.”

Vilnius Girkontas, NIB's Senior Banker for Lithuania, noted the broader impact:“The investments support VVT's green transition, lowering maintenance costs and enhancing commuter comfort.”

The project underscores Vilnius' commitment to sustainability, aligning with the city's goals as the first EBRD Green City in the Baltic States.

The EBRD is one of the most prominent institutional investors in Lithuania, having invested over 1.7 billion euros across 138 projects in the country so far.

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