The FINANCIAL — EBRD First Vice President Varel Freeman is beginning a visit to the three Baltic republics Estonia, Latvia and Lithuania on April 7 in Tallinn with a meeting with Estonia’s Minister of Finance Ivari Padar.
During his trip Mr Freeman will also meet Latvia’s Minister of Finance Atis Slakteris on Tuesday in Riga and Lithuania’s Prime Minister Gediminas Krkilas on Wednesday in Vilnius. Meetings with business representatives and visits to EBRD projects will complement the programme.
The EBRD has been a leading investor in Estonia, Latvia and Lithuania since 1991. To-date, the Bank has invested more than €1.3 billion in the three Baltic states cumulatively (Estonia €486 million, Latvia €335 million, Lithuania €494 million). The EBRD has played a key role in the development of the countries’ banking sectors and supported private businesses as well as infrastructure.
Thanks to their rapid development all three countries joined the European Union in May 2004. This was not only a recognition of their successful transformation, but also gives them access to new sources of funding. As a consequence the three countries are expected to cease receiving new EBRD investments after 2010.
In the remaining time, however, the Bank will continue to support transition and the sustainable development of the three countries. Last year the Bank signed an equity investment in a regional programme to help develop equity and equity-related investments in the region. The EBRD is also involved in efforts to improve energy efficiency and security in the three countries.
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