Projects in Estonia

Project Summary Documents

Project Summary Documents (PSDs) are disclosed for each project prior to Board consideration. They contain project descriptions, financial details, client information, environmental issues, tender guidelines, and contact details. PSDs for private sector projects are disclosed at least 30 days prior to Board consideration and for state sector projects, at least 60 days.

Project Summary Documents 

Signed projects

Board approval is the final stage in the project approval process. After Board approval, the EBRD and the client sign the deal and it becomes legally binding. Signed project lists reflect year-end data.

Signed projects  (0.1Mb) 

Case studies

AS Estonian Cell

The most significant recent investment in Estonia took place in 2004, when the EBRD became a one-third shareholder in Estonian Cell, investing €19 million of equity and subordinated debt in the company. This green-field state-of-the-art aspen pulp mill is the second largest foreign direct investment (FDI) in the history of Estonia. The construction of the pulp mill was completed during the first half of 2006 for a total cost of €165 million.

Located in the North Eastern part of Estonia, the project contributes to regional development and also helps alleviate Estonia's current account deficit by adding close to 5 per cent to the country's total exports. This will raise the value of aspen, which has until now been mostly used as a domestic fuel, and elevates North Eastern Estonia as a prominent place to invest in.