Billions are flowing into Central and Eastern Europe’s infrastructure. But for investors, identifying the opportunity may prove considerably easier than accessing it. 

Central and Eastern Europe (“CEE”) is moving up the infrastructure investment agenda. Energy security, transport modernisation and digital connectivity are driving demand, supported by EU funding and growing opportunities for private capital. 

In 2025, the European Investment Bank Group committed a record EUR 42.8 billion to EU cohesion regions, including markets across Central and Eastern Europe, while the European Bank for Reconstruction and Development (“EBRD”) invested more than EUR 2.9 billion across southeastern Europe. 

The opportunity is substantial. However, as a senior infrastructure finance and investment professional observed the route to investment is rarely straightforward, “The market is evolving incredibly quickly. What we understood a year ago has, in some cases, changed completely.” 

Poland and Romania warrant particular attention over the next decade, with investment opportunities spanning renewable energy, electricity networks, transport and logistics. Romania attracted a record EUR 955 million in EBRD investment in 2025, with 81 percent directed towards green financing. Bulgaria received EUR 295 million, entirely allocated to private-sector projects, while Croatia and the Baltic states offer further opportunities in energy security and regional connectivity. 

“The market is evolving incredibly quickly. What we understood a year ago has, in some cases, changed completely.” 

Senior infrastructure finance and investment professional

For PPP investors, the real test is whether governments can turn infrastructure ambitions into credible procurement pipelines, commercially viable contracts and projects capable of attracting long-term private capital. The senior project manager remarked, “Regulatory variation between countries creates real complexity. Understanding one jurisdiction does not mean understanding its neighbour.” 

Political uncertainty, procurement transparency and governance remain significant considerations. In Romania, 49 percent of public procurement procedures attracted only one bidder in 2025, compared with an EU median of 27 percent, raising questions about competition and market accessibility. 

Even experienced international investors can encounter unexpected barriers. 

“We have seen how difficult established Western European markets, including France, Germany and Spain, can be to enter without a local partner.” The professional continued, “In some EU tenders, reference requirements can also prevent companies from drawing on their international track records.” 

Apparently, building infrastructure internationally does not always qualify you to build it locally. 

These challenges extend well beyond procurement, as political and regulatory complexities can determine whether a project reaches financial close. The senior project manager noted, “Government relationships, legislative nuances and local decision-making still require intelligence gathered on the ground.” 

Environmental approvals, community opposition and permitting delays introduce further complexity, potentially affecting development timelines, financing costs and ultimately investor returns. 

“Government relationships, legislative nuances and local decision-making still require intelligence gathered on the ground.” 

Senior project manager

A source explained, “Some of our most important intelligence requirements concern country-specific regulation, community issues and permitting. We are seeing similar challenges in the United States.” 

For international investors, these obstacles present a commercial paradox. Political and procurement risks may deter competition, yet they can also create opportunities for firms equipped to understand and manage them. The distinction lies in identifying which risks can be mitigated and which fundamentally undermine the investment case. 

Over the coming decade, competitive advantage will increasingly depend on credible local partnerships, procurement expertise and political and market intelligence. Understanding stakeholder relationships, anticipating regulatory change and assessing counterparty reliability may prove just as important as the financial model itself. 

Above all, investors “need to understand which jurisdictions are worth pursuing and which carry excessive political, governance or commercial risks.” The senior project manager elaborated, “Knowing where not to invest can be just as valuable as identifying the next opportunity.”

CEE could become one of Europe’s most attractive infrastructure growth markets over the next decade. Yet the scale of investment alone will not determine its success. The real test will be whether political stability, transparent procurement and effective partnerships can turn ambitious pipelines into bankable projects. 

For investors, the greatest advantage may lie in recognising which opportunities are worth pursuing and which are best left alone. After all, the most expensive infrastructure project is often the one that should never have been built.