Minister of Finance Toomas Tõniste (IRL) met with European Investment Bank (EIB) Vice-President Alexander Stubb in Tallinn on Tuesday, where the two discussed issues the Estonian presidency of the Council of the EU will negotiate with the European Parliament and which directly affect the bank's activities in the EU and beyond.
"The Estonian presidency aims to help bolster the finance sector and improve the investment climate," Tõniste said according to a ministry press release. "The EIB has an important role in this. Leading the negotiations that concern the development of the EIB is a great challenge, and we will do our best to achieve the best possible outcome."
The Council and the European Parliament are currently negotiating an extension of the term of the European Fund for Strategic Investments and an expansion of its capacities, and negotiations over the External Lending Mandate are likewise ongoing. According to the ministry, the EIB plays an important role in supporting the EU's foreign policy activities.
At their meeting on Tuesday, Tõniste stressed the importance of the EIB as a partner for Estonia. "The EIB has made a significant contribution to the development of the private sector and has made it possible to complete important public projects," highlighted the Estonian minister. "The EIB has also supplemented the financing of the Structural Funds of the European Union."
In the last five years, the bank has invested more than €1.16 billion in Estonia. In 2016, a €30 million loan for the reconstruction and extension of Tallinn Airport was signed; in early 2017, Skeleton Technologies received a €15 million loan, while a €100 million loan to the City of Tallinn was signed this May.
Editor: Aili Vahtla