Baltic countries agree to dismantle investment barriers

VILNIUS - The three Baltic finance ministers signed in Brussels on Monday a memorandum of understanding (MoU) to harmonize capital market regulations and dismantle investment barriers, the Lithuanian Finance Ministry said.

Lithuanian Finance Minister Vilius Sapoka says that an initiative of Lithuanian and the European Bank for Reconstruction and Development (EBRD) "on covered bonds and the securitization regulatory framework has been expanded into the Baltic capital markets development project".

"I strongly believe that this project will create a better access to finance for small and medium-sized enterprises, increase competition in financial markets and expand investment opportunities to new financial instruments, thus contributing to economic growth, job creation and financial stability," he said in a press release.

The document was signed by Sapoka for Lithuania, Dana Reizniece-Ozola for Latvia and Toomas Toniste for Estonia in the presence of European Commission Vice-President Valdis Dombrovskis and EBRD Vice President Pierre Heilbronn, according to the press release.

"The signatories to the MoU recognize the support provided by the European Commission and the EBRD to the efforts of building a common capital market in the Baltic states," the ministry said.