Lithuanian Business Promotion Agency (LVPA) stops selection of COVID-19 Products LT projects. Requested funding exceeded projects‘s budget.

LVPA received 71 eligible applications requesting funding of EUR 37,5 m to finance manufacturing of disinfectants, medical and protective equipment.

Allocated budget for the project is EUR 31 m, the call is stopped earlier, when the amount requested by eligible applicants exceeds the budget of the project.

Project finances purchase of equipment, devices, software, as well as expenses related to testing of new manufacturing equipment, related to dealing with COVID-19.

„We have received a record number of applications in record short period of time. High interest by companies demonstrates enormous demand for this financing project.  We hope it will help companies to implement projects faster and to resolve corona virus related problems. LVPA will start evaluation of projects“, – claims LVPA director Aurimas Želvys.

Head of LVPA business productivity projects unit Sigita Skrebė notes that the project funding can cover 80% of eligible expenses.

„It is envisaged that projects have to be implemented in 6 months after approval. In case the project is implemented in 2 months, it could vover up to 95% expenses“ – says Ms Skrebė.

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