Publish Date : 09-Jul-2018
The European Bank for Reconstruction and Development (EBRD) can help Estonian companies to develop and expand their operations to new markets, thus raising the competitiveness of our economy, said Finance Minister Toomas Toniste.
Tniste discussed these issues at a bilateral meeting with Suma Chakrabar, President of the EBRD who visited Tallinn today. At the same time, the Treasury signed a contract with the European Bank for Reconstruction and Development (EBRD) to invest EUR 20 million in the infrastructure fund BaltCap Infrastructure Fund. The Fund invests in transport companies, renewable energy projects and energy efficiency projects.
"I am very pleased with the EBRD's investment in the BaltCap Infrastructure Fund, which was signed today," said Finance Minister Toomas Toniste . "The bank will definitely play its niche in developing capital markets and boosting the competitiveness of the economy as well as boosting the economy's energy efficiency."
In recent years, the EBRD has granted loans to the Viru Keemia Group and Graan Invest to Estonia, and has contributed to the loan granted to Kaamos Group by upgrading its fleet of machinery and equipment to the Belarusian timber industry group. The EBRD has also participated in the wind energy company Nelja Energia. Recently participated in the EBRD's subscription to Tallinn Port, which could give a positive impetus to the privatization process in all three Baltic countries.
"The European Bank for Reconstruction and Development has played an important role in Estonia and other Baltic States since the mid-1990s, financing a large number of different projects with the aim of supporting the cohesion and economic development of the region," said Finance Minister Toomas Toniste. "Projects in the field of strengthening energy security and transport, which the EBRD has also supported, are still very important in the Baltic States. We have also received significant support from the EBRD for key infrastructure areas for local authorities as well as for education and health. "
The EBRD is an international financial institution owned by the Member States, which joined Estonia on 28 February 1992. 66 countries are members of the EBRD, among which, in addition to European countries, Australia, New Zealand, Canada, Japan, the USA, Mexico, South Korea, Jordan, Morocco and Tunisia, plus the European Union and the European Investment Bank.
The mandate of the EBRD is specific to international financial organizations, due to its political mandate. The Bank only supports countries moving towards democracy and a market economy. At least 60 percent of the EBRD's activities must target the private sector.
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