The Ministry of Economy and Innovation would be designated as the coordinating authority for NATO’s Innovation Fund and the Defense Innovation Accelerator of the North Atlantic. Meanwhile, the state-owned investment and business guarantee agency INVEGA would represent Lithuania in the activities of the fund.
Alliance members agreed at their summit, held in Brussels last June, to launch, by the 2022 Madrid summit, a new initiative dubbed the Defense Innovation Accelerator of the North Atlantic, or DIANA, that would involve all NATO members, and the voluntary Innovation Fund, which should both be fully operational in 2023.
Lithuania participated in negotiations on joining the fund, which led to the establishment of its main operational principles, including a 15-year run-time and an 8-year investment horizon.
Lithuania would contribute a total of 30.26 million euros to the Innovation Fund throughout its running time. Funding would be provided from the country’s defense budget.