Artea Bank is Selected to Launch Third Multi-Apartment Building Modernization Fund
On November 25, 2025, AB Artea bankas received notification from European Investment Bank (EIB) to enter into negotiation for establishing new, already third, fund dedicated to the modernization of multi-apartment buildings in Lithuania. The assets of the fund is projected to reach up to EUR 625 million, which will be sufficient to renovate approximately 850 multi-apartment buildings. Artea Bank has been selected concluding EIB`s Call for Expression of Interest to select financial intermediaries that will receive resources from the Holding Fund Lithuania 2021-2027.
The Holding Fund Lithuania 2021-2027, which is dedicated to investments in energy efficiency measures in multi-apartment buildings, was set up on the basis of the European Regional Development Fund (ERDF) and the Cohesion Fund (CF) by the EIB in cooperation with the Lithuanian Ministries of Finance and Environment for the 2021-2027 programming period.
The goal of the planned, new, third apartment building modernization fund is to attract an additional EUR 525 million to EUR 100 million resources of the Holding Fund Lithuania 2021-2027 – by inviting other local and international financial institutions and pension funds to join the fund, as was the case with previous funds.
“We are among the most experienced participants in the apartment building modernization financing market, active since 2010 and managing two successful apartment building modernization funds. We are pleased to have this opportunity to continue the challenging, yet socially important, modernization process, into which we commit our experience and knowledge.
Increasing energy efficiency, reducing fossil fuel consumption, and thereby doing more to address climate change – is important for all of Lithuania. We are proud to continue contributing with our expertise and evident impact,” says Vytautas Sinius, CEO of Artea Bank.
Since 2022, Artea Bank has been managing the EUR 275 million Artea Retrofit Fund 1, whose resources are currently used to finance the modernization of 394 multi-apartment buildings. Since 2024, it has also been managing the EUR 200 million Artea Retrofit Fund 2, financing the modernization of 272 multi-apartment buildings.
In 9 months of this year Artea Bank has earned EUR 13.9 million of interest income from multi-apartment buildings modernization loans provided by the bank and EUR 6.5 million of fees and commission income from administering multi-apartment buildings modernization funds.
Artea Bank, in cooperation with the EIB, has participated in Lithuania’s apartment building modernization financing market for 15 years. During this period, together with its partners, the bank has financed the renovation of 3,140 apartment buildings for more than EUR 1.26 billion. Artea covers about 60% of the country’s apartment building modernization financing market. This means that finished or undergoing modernization of two out of three multi-apartment buildings in Lithuania involved Artea.
Additional information:
Tomas Varenbergas
Chief Financial Officer
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