Kuldmäe has previous experience in the financial sector as he has worked in different leadership and advisory positions. Kuldmäe has a master's degree in Business Administration from the University of Tartu and has participated in many supplemental courses and programmes in the United Kingdom, Switzerland and France.

He is not a member of any political party.

Kuldmäe said he applied for the position as KredEx has great potential and a strong market position as the state credit body.

He said: "KredEx is a long-time participant of the market and is currently in a very exciting stage of development. We, as a team, have an opportunity to develop KredEx into a leading state body which will become an even better partner to different market participants, businesses and citizens of Estonia. I am eager to join the team and meet my new colleagues."

Minister of Foreign Trade and Information Technology Raul Siem (EKRE) said Kuldmäe is a capable leader with a wealth of experience.

The minister said in a statement: "I am convinced that he will be able to manage KredEx wisely in this uncertain time, developing even further satisfactory services for even more focus groups and bringing new services to the market to assist Estonian entrepreneurs and our civilians in improving their living conditions."

Chair of KredEx supervisory board Ando Leppiman noted the demand for KredEx services is in a constant upward trend, that is in livening Estonian economy and improving the living conditions of civilians. He said KredEx's role in assisting entrepreneurs in this current crisis is also important.

Leppiman added: "It is important to find developmental opportunities, to widen our service base and to continue our great work in the development of the organization."

The previous chief of KredEx, Lehar Kütt, had his last official working day on October 4 after stepping down voluntarily in mid-August.

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