Minister: Kredex measures to open on April 5

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KredEx logo. Source: Social Media.

Under current plans, the Kredex measures will open on April 5, Estonia's Minister of Entrepreneurship and Information Technology Andres Sutt (Reform) said at the government's press conference on Thursday.

The government on Thursday endorsed a decision whereby the deadline for the use of the resources from last year's supplementary budget meant for funding of Kredex measures is extended until December 31 and the deadline for assuming obligations under the measures until June 30. 

In total €180 million is to be allocated for extraordinary loan underwritings and operating capital loans.

"As things stand, Kredex has adopted all the decisions they have to as regards new services and their terms and conditions, they are now in the hands of the banks in order for agreements to get signed. Under current plans, these measures should be available for application starting from April 5," Sutt said.

Unlike the current terms and conditions of crisis measures, preference will be given to underwriting over the provision of loans. To date, lending has been preferred to the potential obtaining of a stake.

In the underwriting of new loans the ceiling for compensating the lender for credit losses is 80 percent instead of 30 percent, and 50 percent instead of 15 percent in the case of existing underwritings. 

A total of €1.15 billion was allocated to Kredex under various measures from the supplementary budget of 2020, of which approximately €835 million was not used.

As the fiscal year came to an end, the measure was put on a pause, and on December 31 Kredex announced that it was temporarily suspending the handling of crisis measures.

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Editor: Helen Wright

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