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European Investment Bank supporting Baltic businesses with green transition

Luminor bank in Tallinn.
Luminor bank in Tallinn.

The European Investment Bank (EIB) and Luminor Bank AS on Monday signed a €115 million agreement to help medium-sized companies in Estonia, Latvia, and Lithuania with the green transition.

The loan is intended to stimulate growth in the Baltic region, with a focus on supporting the green transition of the economy.

Approximately 85 percent is expected to benefit cohesion regions and help to reduce regional income disparities.

The financing will be used for investment that will contribute to the reduction of overall greenhouse gas emissions while helping the Baltic countries to meet the climate targets in their nationwide strategies.

EIB Vice-President Thomas Östros, responsible for the Bank's operations in the region called the three countries "dynamic and forward-looking". He said improving support access is "instrumental" to helping projects grow.

"And it ultimately supports employment and social cohesion in Estonia, Latvia and Lithuania."

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Editor: Helen Wright

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