Regional: Capital Markets Development Accelerator Fund (CMDAF) (EBRD-8347)

  • Estonia
  • Latvia
  • Lithuania
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 12, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 29, 2021

Disclosed by Bank Mar 12, 2020

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Project Description

According to to the bank website, "The Baltic economies have a large small and medium-sized enterprises (SME) sector, yet domestic capital markets are not presently geared to provide finance to the SME sector - that have traditionally utilised bank finance. Additionally, access to capital markets and especially equity financing through an initial public offering (IPO) is either seen as being too complex and costly or simply not considered by SMEs, especially small- and mid-cap companies.

The current support request aims to assist the Ministries of Finance of Estonia, Latvia and Lithuania (MoFs) in designing a regional CMDAF (the "Fund" or the "CMDAF"). The Fund will provide finance for pre-IPO, small- and mid-cap companies and SMEs on the growth market in line with the EU Capital Markets Union objectives - to support access to finance for SMEs."

Investment Description

Contact Information

Project contacts not available at the time of disclosure.


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