The EuroFaculty Pskov is an educational development project launched in 2009 in the Region of Pskov in Western Russia, close to the border of Estonia and Latvia. The aim of the project is to upgrade university education in business economics/business administration at the recently created Pskov State University (PskovSU) which is a result of the merger of five educational institutions in Pskov. Following the success of the first phase of the project and based on a favourable assessment of the work carried out at the CBSS Member States agreed to continue to support the project. Thus the second three-year (2012-2015) phase of the project was launched in September 2012 with revised objectives and an even greater university base around the Baltic Sea area. Achievements: The first phase, 2009–2012, of the EF-P project was focused on the Bachelor level studies. The biggest endeavour made was the launching of the three Bachelor level profiles at PskovSU:1. Credit and Finance2. Accounting and Auditing3. International BusinessIn general, great development has been made in Pskov during the first phase not only in the course curriculum but also in the study and teaching environment. Teacher visits to donor universities have been among the most important activities of the project so far. The experiences of such visits including lecture visits, workshops, seminars and library visits have been widely disseminated at the PskovSU. Thus, the basis has been laid for fruitful cooperation for the second phase of the project.