VILNIUS, March 29 (Xinhua) -- The Lithuanian government plans to issue its first green bonds to finance modernization of old multi-apartment buildings, the country's finance ministry announced on Thursday.

The Lithuania government would become the first among the Baltic states to issue green bonds.

Lithuanian Finance Minister Vilius Sapoka said the main objective of green bonds is to finance green projects aimed at solving environmental issues.

A total of 68 million euros (83.6 million U.S. dollars) raised through green bond issuance would be allocated to renew 156 multi-apartment buildings.

"Renovation of multi-apartment buildings and improvement of energy efficiency would contribute to the reduction of the level of CO2 emissions and heating prices," Sapoka was quoted as saying in a statement.

The duration of the green bonds is to be 10 years. Lithuania's first green bonds will be marketed to local institutional investors.