At the Second CBSS Ministerial Session in Helsinki in March 1993, it was decided to establish the EuroFaculty. The EuroFaculty statutes were adopted at the Third Ministerial Session in Tallinn in May 1994. The aim of the EuroFaculty programme is to assist in reforming higher education in Law, Economics, Public Administration and Business Administration at several universities in the Baltic Sea region.

The EuroFaculty Directorate is located in Riga, Latvia. The Directorate operates the EuroFaculty Centres in the three Baltic states and is responsible for programme administration and co-ordination of contributions from the donors.

The participating institutions are Tartu University (Estonia), the University of Latvia (Riga), Vilnius University (Lithuania). The 9th Ministerial session of the CBSS adopted revised statutes for the EuroFaculty. The Council furthermore decided to establish a EuroFaculty- Kaliningrad (EF-K) project to support the faculties of Economics and Law of Kaliningrad State University in the field of curricula development and new teaching methods. The project was officially launched on 20 September 2000.

EuroFaculty offers courses taught by local academic personnel, lecture series held by visiting teachers from donor institutions and short intensive language courses.

Funding is provided by the Foreign Ministries and Ministries of Education of Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Norway, Poland, Sweden and the EU Commission. The budget of the EF-K project is formed through contributions from Denmark, Germany, Norway, Sweden, as well as Lithuania, Poland and the UK.