The EBRD’s Board has adopted a new strategy for Estonia which reinforces the Bank’s commitment to support the country in further advancing the successful transition reforms achieved to date.
The strategy acknowledges that despite the current challenging economic circumstances, Estonia remains one of the most advanced countries in the region, with 80 per cent of the economic activity in the private sector.
Estonia’s key strengths remain the favourable business environment, sound banking system and legal framework, flexible and skilled labour market, as well as EU membership, which gives the country access to significant EU structural funds.
In the light of the financial crisis, which has had a considerable impact on the country, the main objectives of the Estonian government are to secure macroeconomic and financial stability and to continue to implement the remaining elements of the structural reform agenda, in order to raise further the country’s competitiveness.
In the coming years, the EBRD’s activities in Estonia will aim to mobilise financing for nationally important projects in infrastructure and energy sectors in close collaboration with commercial banks and other international financial institutions, as well as to facilitate lending to small and medium-sized businesses. The Bank will also promote the diversification of energy supply, energy efficiency, and renewable energy projects.
To date the EBRD has committed more than €480 million to the Estonian economy in over 75 projects in the financial, infrastructure, corporate and energy sectors.