Ministers in favor of loan for Patarei development

The Patarei complex is located adjacent to the popular Seaplane Harbour.
The Patarei complex is located adjacent to the popular Seaplane Harbour. Source: RKAS

Minister of Finance Martin Helme (EKRE) and Minister of Economic Affairs and Infrastructure Taavi Aas (Center) said at the government's press conference on Thursday that they would be in favor of a Kredex loan on favorable terms to be provided to the development of the historic Patarei naval fortress in Tallinn.

"I continue to be convinced that Kredex should be lending that money, which we allocated under the supplementary budget, faster and on a bigger scale to enliven the Estonian economy. I would have wanted - and I think that this topic is not closed yet - that it should have been possible also for the Patarei naval fortress project, for instance, to borrow money from Kredex," Helme said. 

Aas seconded to the opinion expressed by the minister of finance.

"In my opinion Patarei is a very good object as well, as we would have in it again a loan that would enliven the economy, help give work to contractors and, what is most important, the state would get back the money that it placed in enlivening the economy," Aas said. 

At the beginning of October, Urmas Sõõrumaa, the businessman whose company recently bought the Patarei complex, told ERR that he was refused a €40 million loan by Kredex as according to the latter Patarei was not property under construction. 

Kredex has so far provided extraordinary credit to four projects deemed to be of national importance, including a loan of €40 million to the Porto Franco property development in the Tallinn passenger port area.


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Editor: Helen Wright

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