The Cabinet of Ministers has approved the procedure prepared by the Ministry of Finance, which will allow for faster and more efficient implementation of infrastructure projects important for defense or civil protection, the ministry reported.
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“This procedure will give institutions more opportunities to smoothly implement state-important military and civil infrastructure projects. The Property Bank’s experience in managing real estate and infrastructure projects will help prepare projects faster, ensure clearer financial planning, and more efficient project management,” said Minister Taurimas Valys in the statement.
It is planned that the clients of the Property Bank will be the Ministry of National Defence and the Ministry of Health.
According to the approved procedure, the Property Bank will act as a project partner. Ministries will be able to approach it with a proposal to contribute to the development of a specific important military or civil infrastructure project.
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Institutions will have to provide the Property Bank with information about planned activities, project deadlines, financing, and activities where its participation is needed.
Agreements will specify how the Property Bank contributes – through procurement execution, organization of design and construction works, administration of contractor competitions, or performing other functions. It will be compensated for this according to the contract.
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