Estonian Finance Minister Toomas Tõniste discussed the European Investment Bank with EIB Vice-President Alexander Stubb

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  • 08/08/2017 15:56

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Estonian Minister for Finance Toomas Tõniste and EIB Vice-President Alexander Stubb
Estonian Minister for Finance Toomas Tõniste met in Tallinn today with Alexander Stubb, the EIB Vice-President (photo: rahandusministeerium)

Estonian Minister for Finance Toomas Tõniste met in Tallinn today, 8 August, with Alexander Stubb, the Vice-President of the European Investment Bank (EIB). The meeting focused on the issues that the Estonian Presidency of the Council of the European Union will negotiate with the European Parliament and which directly affect the activities of the bank in the European Union and beyond.

"The Estonian Presidency aims to help bolster the finance sector and improve the investment climate," Tõniste noted. "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. Negotiations about the External Lending Mandate are also ongoing. The EIB plays an important role in supporting the EU's foreign policy activities.

At the meeting, 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. The EIB has also supplemented the financing of the Structural Funds of the European Union," Tõniste said.

In the last five years, the bank has invested more than €1.16 billion in Estonia. In 2016, a loan for the reconstruction and extension of Tallinn Airport (€30 million) was signed; in early 2017, Skeleton Technologies received a loan (€15 million), and in May, a loan to the city of Tallinn (€100 million) was signed.