The European Bank for Reconstruction and Development (EBRD) invested a record €654 million in the Baltic states in 2025, surpassing its previous annual high of €540 million achieved in 2024. This milestone reflected the Bank’s expanding role in supporting economic resilience, sustainable growth, and energy security across the region, with particularly strong delivery in Latvia and Lithuania and continued solid performance in Estonia.
Investment activity reached historic levels in Latvia and Lithuania during the year. In Latvia, the EBRD committed €160 million across 13 projects, marking the highest annual investment volume ever recorded in the country. Lithuania saw the largest share of financing, with €339 million invested across 17 projects, significantly exceeding its earlier peak of €233 million. Estonia also maintained strong momentum, receiving €155 million across 14 projects that focused on clean power generation, electricity grid upgrades, and digital infrastructure development.
More than 95 per cent of the EBRD’s total financing in the Baltic states in 2025 was directed toward projects supporting the green transition and strengthening energy security. These investments covered a broad range of climate-focused initiatives, including renewable energy generation and storage, e-mobility infrastructure, and resource efficiency improvements. Major transactions included support for large-scale wind and solar projects, battery energy storage systems, and the rollout of electric vehicle charging networks across the region.
Alongside infrastructure and energy investments, the EBRD continued to play a significant role in deepening the pan-Baltic capital market. The Bank supported companies in accessing alternative financing instruments and contributed to policy dialogue that led to the establishment of the Baltic Capital Markets Acceleration Fund, designed to help SMEs and mid-sized companies prepare for listings and bond issuances. In Lithuania, the EBRD backed the region’s first green securitisation by investing in an asset-backed bond issuance linked to energy efficiency loans, while in Estonia it supported legislative reforms to the Securities Market Act aimed at improving the investment climate and attracting international investors.
Cumulatively, the EBRD’s engagement in the Baltic states remains substantial. To date, the Bank has invested more than €1.3 billion in Estonia, over €1.2 billion in Latvia, and more than €2.1 billion in Lithuania across hundreds of projects. At a broader level, the EBRD invested a record €16.8 billion across all its economies in 2025, with the majority directed to the private sector and a significant share allocated to projects advancing the green transition.
