ESTONIAN CAPITAL
MARKET
DIAGNOSTICS
Industry: Financing
CIVITTA team: Estonia
stonian macroeconomic
environment has developed
fast and successfully for more
than 20 years. Private and
public sectors are open to changes,
they had supported innovative
approaches, utilized solutions offered
by new technologies and improved the
overall user experience in most
sectors. Despite these favorable
conditions, Estonian capital markets
have remained inactive and illiquid,
mainly due to issues related to limited
demand and supply. In order to tackle
this situation, the Ministry of Finance
of Estonia and the EBRD implemented
a capital market diagnostic study with
CIVITTA Estonia selected to carry out
the work.
recommendations on how to fix
them. During the diagnostic,
CIVITTA team conducted
interviews and workshops with the
Estonian capital market specialists,
executed research on capital
market ecosystems, secondary data,
market statistics, and performed
legal and regulatory framework
analysis.
The CIVITTA team successfully
identified market gaps and
proposed recommendations. As a
result of the diagnostics, financing
options were mapped and
compared by growth phases of a
company.
The scope of the project was to
identify market gaps, find alternative
solutions via international
benchmarking and generate
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