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Ministry of the Economy and Innovation takes over management of the Defence Investment Fund

Date

2022 09 08

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Ministry of the Economy and Innovation has taken over the management of the Defence Investment Fund, a fund of funds from the Ministry of Defence, which will promote experimental development and innovation activities in the field of defence and security and implement the MILInvest financial instrument. The Fund is managed by UAB "Investicijų ir verslo garantijos" (INVEGA).

"Our aim is to provide financing to technologically innovative young companies active in defence and security through this venture capital instrument MILInvest. It will also help young companies to attract additional private finance and reduce their dependence on traditional financial intermediaries, as well as encourage greater involvement of private investors," said Vincas Jurgutis, Vice-Minister for the Economy and Innovation.

MILInvest will finance dual-use technologies such as artificial intelligence, big data, autonomous systems, biotechnology, quantum, supersonic and space technologies, new materials and propulsion systems. 

The implementation of MILInvest is also important for Lithuania's successful participation in the NATO Innovation Fund. It will enable the development of new products, the financing of early-stage companies, the creation and growth of companies, which will help attract NATO investment to Lithuania. 

As the Defence Investment Fund of Funds is focused on defence and security, the Ministry of Defence will participate as an observer and advisor.