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ILTE

INVEGA Transforms into ILTE: Striving to Drive Lithuania’s Economic Growth

The national development institution, which manages a portfolio valued at €1.4 billion, will now operate as ILTE UAB and present itself to the market under a new brand name. ILTE aims to be a major contributor to the country's economic growth, with an ambition to generate 1% of GDP annually through economic progress, in cooperation with public authorities, clients, and private financial market players.

Last year, three other national development institutions— Viešųjų investicijų plėtros agentūra, Žemės ūkio garantijų fondas, Valstybės investicijų valdymo agentūra — were consolidated into the former INVEGA. While the majority of ILTE's services and products are aimed at businesses, a significant portion of its activities has, for some time, been dedicated to financing the public sector, municipalities, and entities in the agricultural sector. The name change reflects a fundamental transformation, with a significantly expanded client base, a broader range of direct lending products, and a more proactive role in collaborating with financial partners to ensure greater access to finance across sectors.

The Green Finance Institute, established last year, has also expanded ILTE’s activities, taking responsibility for the implementation of the Green Lithuania vision, education on green investment projects, and ecosystem development.

"Increasing access to finance is one of this Government's key objectives, and one we have consistently pursued. This is why we have achieved what previous governments have not during this term—consolidating four national development institutions into a single, strong national development fund. The new quality of the national development fund is also marked by its new name – ILTE. It will provide additional resources and allow us to attract private capital for investment, thereby contributing more robustly to both business and public sector financing. So far, the financial instruments of four separate institutions have been merged, and €3 billion will soon be injected into the market. Notable initiatives include the 'Billion for Business' and €250 million dedicated to defence and security companies," said Finance Minister Gintarė Skaistė. "We expect the Group to be customer-focused, manage risks effectively, systematically assess financing gaps across various sectors of the Lithuanian economy, develop and propose to the Government the most suitable financial instruments to address these gaps, based on international best practices."

Currently, ILTE is actively financing industrial modernization and digitalization projects, as well as offering funding for renewable energy, infrastructure, agricultural projects, start-ups developing innovations, and research teams focused on new product development. ILTE was one of the first in the market to offer financing to the defence sector, recently announcing a €250 million financing program for Lithuanian defence companies.

"ILTE means Investments in the Lithuanian economy. As we evolve, we are also refining our role: we are a partner to the state in achieving its strategic goals, a partner to our clients in realizing their business plans and developing ambitious new ideas, and a partner to our employees, who are professionally ambitious and committed to ILTE's mission. We are committed to driving long-term progress in the Lithuanian economy, balancing economic cycles, and pioneering projects or areas that traditionally struggle to attract funding, thereby expanding financing opportunities. In partnership with private market players, we aim to help businesses grow. We want to increase private capital involvement, develop the capital market, and invest in innovative ideas that address both national needs and global market trends," says Dainius Vilčinskas, CEO of ILTE.

According to Vilčinskas, the company’s name change is only one of the important transformations this year. "We are shifting our business model to be closer to our clients, to better understand their needs, and to encourage them to approach us more often with ideas not only with problems. This is also the message conveyed through our new branding campaign," emphasized Dainius Vilčinskas.

ILTE’s financing is largely provided in the form of loans (€540 million) and guarantees (more than €400 million). The institution works with 11,000 active clients and manages almost 100 financial instruments at various stages of implementation. ILTE's portfolio totals €1.4 billion and is supported by a team of more than 300 professionals.