EIB Group opens office in Tallinn to bolster strategic investments

TALLINN – EIB Group on Tuesday inaugurated its office in Tallinn to support strategic investments and sustainable growth.

The move comes a day after an EIB Group representation opened in Latvia. The opening of the new offices reflects a reinforced commitment to the Baltics as a whole, where until this week the organization had a hub covering all three Baltic states in the Lithuanian capital Vilnius, the EIB said in a press release.

The EIB Group, which also includes the European Investment Fund (EIF), will use its presence in Tallinn to deepen cooperation with Estonian partners in the public and private sectors including small and medium-sized enterprises. The Tallinn office will focus on priority projects in areas including climate action, digitalization, security and defense.

"The opening of our office in Tallinn is a landmark moment," said EIB Vice-President Thomas Östros. "This new presence will not only connect with Estonian businesses but also support the local financial markets in their needs. Our aim is to foster innovation, drive sustainable development, and support Estonia's economy across multiple sectors."

Estonian Finance Minister Jürgen Ligi said local presence will increase the awareness of the EIB among a larger group of stakeholders including the core of our economy, the SMEs, who benefit from the EIB via intermediaries.

"I particularly welcome the EIB's increased support to European security and defense," the minister said.

The EIB Group has invested 5.6 billion euros in Estonia since the start of operations in this country in 1993 -- with more than four billion euros from the EIB and over one billion euros from the EIF. Last year, EIB Group financing in Estonia totaled 498 million euros and is expected to support total investments of 2.2 billion euros, representing 5.6 percent of Estonian gross domestic product (GDP), the highest such ratio in Europe. 

Recent EIB operations include loans of 700 million euros to the Estonian government for European Union grants co-financing, 31 million euros to renewable energy company Sunly for solar power expansion, and 18 million euros to green technology startup UP Catalyst for converting carbon dioxide emissions into carbon neutral graphite and nanotubes. For its part, the EIF recently moved to support Estonian businesses through financing deals with banks and other financial institutions including LHV Pank, SEB Pank, Swedbank and Hüpoteeklaen. 

The Tallinn Office, located in the Rotermanni quarter, is headed by Götz von Thadden, a German national with over 20 years of experience within the EIB Group.

Future priorities for the EIB Group in Estonia include supporting renewable energy projects such as solar, wind, and energy storage; improving infrastructure and fostering business innovation and startups.

The EIB Group has recently approved additional measures to support security and defense in Europe. This will allow to finance projects dedicated to military uses, such as barracks, storage facilities, drones, helicopters, radars, satellites, advanced avionics, propulsion, and optics, while maintaining strong financing capacity.

The bank has a pipeline of 14 defense projects expected for approval across Europe, including those in drones, space, cybersecurity, and quantum technologies, as well as facilities enhancing Europe's defense capabilities.