Enterprise Estonia Confirms €113 Million Budget

Photo: Postimees/Scanpix
12/16/2011 3:46 PM
Category: Economy

Enterprise Estonia, the national support agency for entrepreneurship, confirmed its 2012 budget, amounting to 113 million euros, on Thursday.

While funding will remain at around the same level as this year, the agency plans to change its focus from new investments to bolstering support for already active projects.

Currently, the agency oversees around 2,000 business ventures, which have a total funding of 445 million euros.

In August, the European Commission reinstated funding for Enterprise Estonia after an audit last year raised questions concerning the eligibility of expenditures for co-financing and the efficiency of the standard operating procedures.

In response to the suggestions made by the European Commission, Enterprise Estonia improved its management and control systems.

 

Ott Tammik


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