European fund investments

During the 2014–2020 programming period of the European Union (hereinafter referred to as „EU“) fund investments, the Ministry of the Economy and Innovation administers more than EUR 1,0 billion from EU funds. These investments focus on research, experimental development and innovation (R & D & I), promoting competitiveness of small and medium-sized business, the enhancement of energy efficiency of industrial enterprises, the dissemination of information related to natural and cultural objects, the development of social business and the increase of competence of human resources. The 2014–2020 programming period is different from the previous one (2007–2013) as the support under business instruments are exclusively granted to small and medium-sized business. Financial instruments (loans, guarantees, risk capital funds, etc.) and partial compensation of interest are more widely applied. Funds are invested in new activities (eg supporting the business clustering process), providing consultations through the established Network of Business Consultants. The range of types of measures implemented through the global grant (checks) has been expanded, the administrative burden on applicants has been reduced, and transparency has been increased. Informal negotiations are ongoing on the 2021–2027 EU funds investment programs for Lithuania.  Lithuania is the third approved EU country by the EC for 2021–2027 Partnership Agreement, laying down Lithuania's investment strategy worth €6.4 billion in cohesion policy funding for the period 2021–2027. The Partnership Agreement covers 3 programmes: Programme for the EU funds’ investments in 2021–2027, Programme of the Lithuanian fisheries sector 2021–2027 and the Programme for the Reduction of Material Deprivation.