VILNIUS - The European Bank for Reconstruction and Development has decided to close its offices in Riga and Tallinn and use its Vilnius office to cover all three Baltic states.
Peter Reiniger, EBRD Director for the Central Europe, Western Balkans and Telecommunications Department, gave the news to Liothuanian Prime Minister Gediminas Kirkilas in a July 9 meeting in which he also revealed that the EBRD is willing to discuss financing the construction of an electricity bridge to Poland.
The bank is already financing several projects concerning the decommissioning of the Ignalina nuclear power plant but now looks ready to go even further.
Reiniger offered the bank's services to finance energy efficiency promotion projects such as the modernisation of apartment blocks and improvement of corporate environmental protection.
Matti Hyyrynen, the EBRD's Acting Head of Office in Lithuania told The Baltic Times: "The reoganization is part of the process that the bank is required to do every five years to monitor economy and efficiency. Operating one office will achieve this and improve efficiency while reducing costs."
Hyyrynen confirmed that some members of staff will be relocated Vilnius but that two people in Tallinn and three in Riga will lose their jobs.