News / Lithuania's First Road PPP Project Reached Financial Close

Lithuania's First Road PPP Project Reached Financial Close

🕔 May 17, 2013
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On 14 May 2013, the Palanga bypass public-private partnership project in Lithuania reached financial close. The project was among six public-private partnership pilot projects approved by the Lithuanian government in 2009. The Lithuanian Road Administration selected Kauno tiltai and Siauliu plentas to design, build, operate, and finance the Palanga bypass contract, worth €36 million over 25 years.The contract was awarded following a selection process that began in May 2011. Construction will begin later this year with completion scheduled for IIQ 2015.
Invest Lithuania has informed that its public-private partnership team participated in developing the Palanga bypass tender documentation, advising the Lithuanian Road Administration on financial issues and public-private partnership procedures during its negotiations with investors. The pilot project will be used to streamline further public-private partnership in the Lithuanian transport sector.

About the investments in Lithuania

Like many countries in the region, Lithuania faces a growing demand for public infrastructure and services, and at higher levels of quality. For this reason, many are turning to public-private partnership to stimulate the economy and deliver the investments needed to close the infrastructure gap.

Over the last few years, Lithuania has improved the legal framework for public-private partnership, to the point where it is now acknowledged by international experts and multilateral financial institutions as highly compliant with global public-private partnership standards.

Meanwhile, the Lithuanian government plans to use public-private partnership more broadly than before to provide public services, with plans to launch more than 10 projects with an estimated total capital investment value of over €300 million. The sectors of immediate interest are roads, car parks, street lighting, courts, detention facilities and other social infrastructure.Source: Invest Lithuania

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