(AGENPARL) – ven 16 febbraio 2024 PRESS RELEASE2024-074-EN
16 February 2024
President Calviño announces opening of new EIB Group offices for Estonia and Latvia to reinforce investments in the Baltics
The opening of new offices in Riga and Tallinn will enhance the EIB Group presence on the groundThis will provide more support to local projects in key areas such as innovation, green and secure energy as well as finance for SMEs
The two new offices will bolster closer cooperation with Estonian and Latvian partners
The European Investment Bank Group, the long-term lending institution of the European Union, has announced plans to open new local offices in Riga, Latvia and Tallinn, Estonia. This will strengthen the Group’s ability to support projects and investments on the ground, expanding its commitment to the Latvian and Estonian economies.
Since 2020, the EIB Group has coordinated its investments in Latvia and Estonia through its regional office in Vilnius, Lithuania. However, with growing opportunities and potential in the region, establishing a dedicated office in the other Baltic capitals is seen as essential to provide more focused support to local projects and to deepen cooperation with partners both in the public and private sector.
This week, EIB Group President Nadia Calviño and EIB Vice-President Thomas Östros visited several Nordic and Baltic capitals. In Latvia they held discussions with Prime Minister Evika Sili?a and Minister of Finance Arvils Ašeradens. In Estonia they met with Minister of Finance, Mart Võrklaev.
Speaking after the meetings, President Calviño said, “We are committed to working closely with Latvia and Estonia to provide strategic investments that benefit citizens and businesses alike. It’s clear through our very warm and fruitful discussions that we are aligned fully with our partners on the need to deepen our cooperation. I was able to convey how determined we are at the EIB Group to support the local economy, foster innovation, and drive sustainable growth. The opening of the new offices in Riga and Tallinn at this time demonstrates that dedication.”
She added that European Union support for Ukraine, as well as broader European security, was a central theme of discussions this week, “EIB support for Ukraine remains steadfast and unwavering. To date, we have provided over two billion euros to support Ukraine since the Russian invasion.“
Vice-President Thomas Östros, who is responsible for the Group´s activities in the Baltics, emphasised the Group’s commitment to expanding its presence in the region. He stated, “We aim to increase business collaborations with the public sector, partner with banks and financial institutions, and directly support companies through financial instruments such as loans, including venture debt, as well as securitisation and portfolio guarantees. Our goal is to improve access to finance for Latvian and Estonian SMEs and strengthen the financial markets in the country.”
In 2023, the EIB Group committed €82 million in financing for projects in Latvia.  The investment is part of the nearly €1 billion of EIB Group financing provided in the country over the past five years.
In Estonia, the EIB Group signed €540 million in new commitments for projects in 2023, the highest annual figure ever. The Group’s financing in Estonia accounted for 1.4% of the country’s gross domestic product, supporting investment worth nearly €1.4 billion.
Background information
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.
All projects financed by the EIB Group are in line with the Paris Agreement. The EIB Group does not fund investments in fossil fuels. It is on track to deliver on its commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in its Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects that directly contribute to climate change mitigation and adaptation, and to a healthier environment.
Around half of EIB financing within the European Union goes to cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.