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    Reference: 20220166
    Release date: 6 July 2023

    Promoter – Financial Intermediary




    The EIB will co-finance, along with EU funds, priority investments under the Republic of Estonia's Operational Programme in the programming period 2021-2027. As a small element of the project, the EIB may co-finance complementary investments under the Estonian Recovery and Resilience Plan, if such co-financing is required.

    Additionality and Impact

    The Project mainly concerns priority investments of the operational programme of the EU Cohesion Policy funds of Estonia, a designated EC Transition Region. The investment programme is plan-led and well-embedded in the EU Cohesion policy architecture centering around the five policy goals of a smarter, a greener, a more connected, a more social Europe and a Europe closer to citizens.


    Specifically, the Project will support research, development and innovation activities whose returns to society are known to be larger than the financial return to the investor. It will also support investments in energy efficiency thereby lowering the negative externalities from CO2 emissions. The Project will also support education, health, training, lifelong learning and skills development, which will increase the economy's stock of human and social capital, reduce shortages of skilled labour and protect vulnerable persons from sliding into long-term unemployment.


    The EIB financing on favourable terms, such as long tenors and flexible drawdown conditions, provides diversification of the financing structure and contributes to the affordability of the national public investment programmes. EIB support to the region's co-financing share in the EU funds investments will help kick-start/accelerate the implementation of sub-projects on the ground. 


    The Project fosters a balanced socioeconomic and territorial development of Estonia, in line with the Territorial Agenda 2030. It will therefore contribute to the EU's policy objective of economic and social cohesion. The Project addresses sub-optimal investment situations in many sectors, increasing endowment with vital infrastructure essential to social and economic cohesion.


    The aim is to co-financing priority investments part of the Republic of Estonia's Operational Programme, and some elements of the Recovery and Resilience Plan.


    Proposed EIB finance (Approximate amount)

    EUR 700 million

    Total cost (Approximate amount)

    EUR 5775 million

    Environmental aspects

    Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.


    Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.


    Signed - 22/06/2023

    Under appraisal
    17 November 2022
    22 June 2023


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Estonia Industry Energy Solid waste Composite infrastructure Transport Telecom Services Education Health