Baltics Commercial Paper Framework



Project number:


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Approval date:

10 Mar 2021



PSD disclosed:

18 Mar 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

An investment framework of up to EUR 75 million to subscribe to Commercial Paper ('CP') to be issued by non-financial Baltic firms. The CP is a new tradeable instrument for the region that could play a key role as part of the Covid-19 recovery process by providing non-financial corporates with an alternative source of financing for short-term liquidity and working capital needs.

The framework aims to address the corporate financing needs at a regional level by mobilising investment funds from the institutional investor sector and is supported by a Memorandum of Understanding ('MoU') signed in 2021 by all the Baltic Central Banks, NIB and EBRD to support the development of the regional CP market.

The proposed development of a Baltic CP market is also supported by the European Commission which indicated strong interest in this initiative as a template for delivering the wider CMU initiative across the European Union.

Ultimately, with a dedicated framework, the Bank will be well positioned to contribute in a structured and consistent way to developing the necessary critical mass needed to develop the CP market. The Bank's participation as an investor helps build issuer momentum and provides a strong signal to stimulate other investor interest as part of the post-Covid-19 recovery process and to support the efforts of Baltic issuers to diversify funding sources.

Project Objectives

The proposed pan-Baltic CP Framework aims to:

  • diversify sources of finance for local corporates, especially in the current uncertain environment where the need for liquidity and working capital is elevated due to the pandemic;
  • mobilise private sector institutional investor capital for short term funding to complement corporates existing short-term facilities from banks;
  • establish an inventory of investible securities for domestic and international investors and build confidence in the viability of the capital markets as a financing source across a wider range of tenors;
  • increase the resilience of the local banking sector.

Transition Impact

ETI score: 63

The expected transition impact of the project is derived from the Resilient and Well-governed qualities.

Under the Resilient quality the Bank aims to improve access to short-term finance for a broad range of non-financial corporates by fostering successful CP issuances in order to build scale and critical mass, facilitate pricing benchmarks, and ultimately contribute to the development of the regional capital markets. The CP Framework is in line with the EU CMU Initiative and will: (i) support the development of tradable securities and improve the still underdeveloped debt capital market ('DCM'); (ii) significantly improve market access for issuers in a challenging environment; and (iii) mobilise funds from institutional investors. Under the Well-governed quality, the Baltic CP Framework will require enhanced reporting standards that will support improved transparency and disclosure.

Client Information

The framework will target non-FI corporate issuers across sectors in all three Baltic States.

EBRD Finance Summary

EUR 75,000,000.00

This is an investment framework of up to EUR 75 million to subscribe to Commercial Paper ('CP') to be issued by non-financial Baltic firms.

Total Project Cost

EUR 75,000,000.00

This is an investment framework of up to EUR 75 million to subscribe to Commercial Paper ('CP') to be issued by non-financial Baltic firms.


The additionality derives from the Bank's support as part of the crisis response whereby the financing effectively bridges a financing gap due to adverse market conditions.  EBRD's unique position for engaging in policy dialogue with the all Baltics Central Banks and key market stakeholders provides comfort to other investors and further widens market participation.

Environmental and Social Summary

The Framework itself is not categorised but rather each sub-project will be categorised on a case by case basis. It should be noted that any potential sub-projects categorised as 'A' cannot be financed though capital market transactions as defined in the Bank's Environmental and Social Policy.

Technical Cooperation and Grant Financing


Company Contact Information


PSD last updated

18 Mar 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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