Project number:


Business sector:

Equity funds

Notice type:


Environmental category:


Approval date:

27 Aug 1997



PSD disclosed:

11 Jul 1997


Project Description

The Baltics Small Equity Fund will invest in small companies in Lithuania, Latvia and Estonia, which lack reasonable access to early-stage equity capital. The Fund will be registered off-shore and will operate in the Baltics under local management, with branch offices in Vilnius, Riga and Tallinn.

  • Address a market gap in the provision of early-stage equity capital to small companies.
  • Invest and provide business assistance to growth-oriented small and medium-sized enterprises (SMEs) with strong management.
  • Achieve long-term capital growth by facilitating and benefiting from the growth of SMEs in the Baltics.

Transition Impact

  • Expansion of private ownership.
  • Transfer and dispersion of skills.
  • Setting standards for corporate governance and business conduct.

The Client

The Fund will invest in small to medium-sized companies (turnover between US$ 150,000 and US$ 2 million, employees between 5 and 100). It will take active minority stakes and provide the investee companies with substantial business assistance. Investments will be in the range of US$ 25,000 to US$ 400,000.

EBRD Finance

US$ 5 million (ECU 4.2 million) equity investment.

Project Cost

US$ 10.7 million (ECU 9 million).

Environmental Impact

The Fund will follow the EBRD's Environmental Procedures for Investment Funds. In implementing these procedures, the Fund will assess potential environmental issues associated with its investments which are required to comply, at a minimum, with local/national health, safety, environmental and public consultation requirements.

Technical Cooperation

The Baltic Technical Assistance Special Fund will provide:

  • ECU 240,000 for project preparation; and
  • ECU 1 million for project implementation.

Company Contact


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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