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.

122

Number of projects to date

€1,182m

Cumulative EBRD investment

€1,035m

Cumulative disbursements

77%

Private sector share of portfolio

Number of active portfolio operations

€449m

Current portfolio of projects

€310m

Operating assets

21%

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

1.7%

EBRD forecast for Estonia’s real GDP growth in 20245

2.6%

EBRD forecast for Estonia's real GDP growth in 2026

Estonia's economy remained in recession for the second consecutive year in 2024, contracting by an estimated 0.8 per cent. The decline in economic activity was broad-based, with investment and exports particularly hard hit. Despite a fall in inflation to 2.8 per cent in January 2025, robust wage growth and persistently high employment rates, household consumption shrank for the third year in a row.

The sluggish recovery of key trading partners, notably Finland, Latvia, and Germany, resulted in weak exports to these countries, which in turn dampened industrial production and corporate investment. The economy is estimated to have entered a recovery phase by the end of 2024, bolstered by an improvement in exports and the initiation of new investments. It is the revival in exports and investment that is expected to primarily drive growth this year and next, as the economic outlook in advanced Europe improves.

Private consumption is expected to remain somewhat subdued, constrained by new taxes and weakening wage growth. Real GDP growth is forecast to accelerate to 1.7 per cent this year and 2.6 per cent in 2026.

Estonia strategy and snapshot

Estonia diagnostic paper

PDF format / 4.08 MB

Download

Estonia strategy

PDF format / 0.98 MB

Download

Local language translation

PDF format / 0.85 MB

Download

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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