Axis Industries, part of the Icor group, said on Monday such a proposal had been submitted in response to the government's earlier decision to redistribute the EU funds meant for the stadium project for other projects.

Mantas Galdikas, managing director at Axis Industries, said BaltCap would ensure the contract's financial commitments, the project's sustainability and transparency.

"BaltCap agrees to take on the Vilnius municipality's payment risk. Using the global practice of funding such projects, BaltCap would take care of the project's funding 100 percent," Galdikas said in a statement on Monday.

The Axis Industries-led consortium would get the funds only upon the project's completion, and the municipality would be able to make repayments to the fund over a longer period of time. Representatives of the municipality say the period could be 20 years.

Sarunas Stepukonis, BaltCap Infrastructure Fund's manager, says the fund could offer the cheapest financing model involving borrowed capital from international financial institutions. Moreover, that would become a precedent for other important projects in Lithuania.

Povilas Poderskis, director of administration at Vilnius Municipality, does not comment on the proposal yet, saying that a commission involving representatives of the government and the Vilnius authorities should look into the matter.

The project is valued at around 106 million euros, including VAT.

Under the project, the stadium complex would also include other sports infrastructure, a kindergarten and a library.