The EBRD in Estonia

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The EBRD has been investing in Estonia since 1992

In Estonia, we focus on supporting investments in energy efficiency and renewable energy, improving the competitiveness of the export sector and supporting cross-border investments by Estonian companies.

At the EBRD, we partner with donors to make the economies in our regions greener, more resilient and more inclusive. To date, half of our investments are backed by donor funds.

126

Number of projects to date

€1,240m

Cumulative EBRD investment

€1,076m

Cumulative disbursements

80%

Private sector share of portfolio

Number of active portfolio operations

€495m

Current portfolio of projects

€327m

Operating assets

19%

Equity share of portfolio

28 February 1992

Joined the EBRD

30,010

Capital subscription (€000)

EBRD Governor: Jürgen Ligi
EBRD Alternate Governor: Märten Ross
EBRD Board Director: Magnus Rystedt
EBRD Board Alternate Director: Kristina Åkesson

EBRD Shareholders information

Focus areas

Supporting investments in energy efficiency and renewable energy

Supporting investments in energy efficiency, particularly by industrial companies, and in renewable energy generation, remain the EBRD's key priorities in Estonia.

Improving the competitiveness of the export sector

The Bank helps to improve the competitiveness of exporting companies by expanding the use of advanced technologies and facilitates the further development of the small and medium-sized enterprise (SME) sector by investing in equity and mezzanine funds.

Supporting cross-border investments by Estonian companies

The EBRD supports cross-border investments by Estonian firms, particularly in other EBRD economies, to enable these firms to establish a foothold in foreign markets and benefit from the efficiencies that access to larger markets can bring.

Estonia is a supporter of the Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund and has contributed €602,000 to date to activities in Belarus, Georgia, Moldova and Ukraine.

The EBRD’s latest country strategy for Estonia was adopted on 15 September 2021

1.3%

EBRD forecast for Estonia’s real GDP growth in 2025

2.0%

EBRD forecast for Estonia's real GDP growth in 2026

After two years of recession, Estonia’s economy has embarked on a path of gradual recovery, although the anticipated improvement in economic conditions in advanced Europe risks being offset by the escalating trade tensions. As a small, open economy, where exports accounted for 95 per cent of GDP in 2024, Estonia is vulnerable to increased trade policy uncertainty even if direct trade ties with the US are limited.

Although growing more slowly than previously expected, investments and private consumption are projected to remain the main drivers of growth, notwithstanding higher taxes aimed at financing the government’s ambitious plan to increase defence spending to 5 per cent of GDP. The so-called defence tax, which envisages a 2 percentage point increase in both income tax and value added tax (VAT) from January 2026 and July 2025, respectively, is now expected to remain permanent, whereas initially, the increases were planned to stay in force until the end of 2028. Real GDP growth is forecast to rise to 1.3 per cent this year and 2 per cent in 2026.

Estonia strategy and snapshot

Estonia diagnostic paper

PDF format / 4.08 MB

Download

Estonia strategy

PDF format / 0.98 MB

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Local language translation

PDF format / 0.85 MB

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Report on public comments

PDF format / 0.05 MB

Download

Estonia country snapshot

PDF format / 0.94 MB

Download

Contact the EBRD in Estonia

Head of Baltic States, Tomas Kairys

Address:

EBRD Vilnius Resident Office – Regional Office for the Baltic states, Lvivo Str. 21A Business Centre FLOW 20th Floor LT-09313, Vilnius, Lithuania

Telephone:

+370 52 638480

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The EBRD in Estonia

At the EBRD, we partner with donors to make the economies in our regions greener, more resilient and more inclusive. To date, half of our investments are backed by donor funds.

Focus areas

Supporting investments in energy efficiency and renewable energy

Improving the competitiveness of the export sector

Supporting cross-border investments by Estonian companies

Estonia strategy and snapshot

Contact the EBRD in Estonia

The EBRD in Estonia

At the EBRD, we partner with donors to make the economies in our regions greener, more resilient and more inclusive. To date, half of our investments are backed by donor funds.

Focus areas

Supporting investments in energy efficiency and renewable energy

Improving the competitiveness of the export sector

Supporting cross-border investments by Estonian companies

EBRD invests €20m in inaugural covered bond by Estonia’s Coop Pank

EBRD invests in Estonian e-commerce search innovator Miros

EBRD lends €100 million to Enefit Green to accelerate Estonia’s renewable energy generation

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