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Who we are
Overview: about the EBRDWho we are
Overview: about the EBRD
Our story
Learn about the EBRD's journey to investing more than €220 billion in over 7,800 projects.
- Our background and history
- Our organisation
- Our values
- Strategies, governance and compliance
- Project accountability
What we do
Overview: how the EBRD operatesWhat we do
Overview: how the EBRD operates
How we deliver systemic impact
Across three continents, the EBRD supports the transition to successful market economies.
- Where we work
- Products and services
- Sectors we work in
- Our projects
- Focus areas and initiatives
- Economic research
Work with us
Overview: how you can work with the EBRDWork with us
Overview: how you can work with the EBRD
What we offer for businesses
We draw on three decades of regional knowledge and financial expertise to tailor our products and approaches to each client's needs.
- Businesses
- Investors
- Donors
- Researchers
- Civil Society
- Alumni
- Nominee Directors
- Trade finance
- Careers
Light
Eng
Eng
Advanced markets in New Realities
April 2026
Regional-level Evaluation of EBRD’s Operations in Baltic Countries
This evaluation assesses the European Bank for Reconstruction and Development’s (EBRD) operations in Estonia, Latvia and Lithuania in 2016–24. It uses a country-level approach with a regional perspective, reflecting the shared characteristics of the Baltic states as small, advanced transition economies and the significant role of regional operations in EBRD’s portfolio.
The evaluation found that the Bank’s country strategies were well aligned with the core transition needs of three Baltic countries, although delivery lagged in 2016–2021. Financial additionality remained context-dependent and has been elevated since 2022. Non-financial additionality was driven by selective, innovative structuring, first-of-kind instruments, governance support and credibility. The regional approach was consistent in capital markets but not replicated in other sectors. Local presence and technical expertise remain EBRD’s key advantages. The evaluation includes recommendations how to ensure Bank’s relevance, additionality and impact in the next strategic period.