The European Investment Bank (EIB) and the government of Lithuania have approved a €100m loan to fund housing renovation in the country.

The initiative aims to unlock €625m in total investment, which will go towards renovating 700 apartment buildings.

The EIB will manage the €100m through an agreement with the Lithuanian ministries of Finance and Environment.

A press release from the bank said the project would reduce Lithuanian people’s energy bills and greenhouse gas emissions.

Gintare Skaiste, Lithuania’s minister of finance, said: “Through trilateral cooperation between the EIB, the Ministry of Finance and the Ministry of Environment, the energy efficiency of multi-apartment buildings will not only be improved in the next few years, but also the energy consumption and taxes for people will be reduced.”