The FINANCIAL -- The European Investment Bank (EIB) is providing a long-term loan of EUR 66.8 million to finance small to medium-sized priority projects upgrading municipal infrastructure in Tallinn.

EIB Vice-President Pim van Ballekom, responsible for lending in Estonia, stated: “EIB funds, provided on favourable terms, will help to increase the quality of life in Tallinn, whose 400 000 inhabitants account for almost one third of Estonia’s population. The loan will further strengthen the Bank’s relationship with Estonia’s public sector and make clear to the market the EIB’s willingness to participate in the funding of investments undertaken by other Estonian public promoters.”

EIB funds will help to implement the Municipality of Tallinn’s four-year investment programme from 2011 to 2014. This is focused on the rehabilitation of the city´s infrastructure, particularly streets, transport and public open spaces, education and sport facilities, social and health infrastructure, social housing and cultural heritage.

As the European Investment Bank announced, this loan is a continuation of the successful cooperation between the EIB and the Municipality of Tallinn. The Bank provided in 2008 a loan to the City of Tallinn that has financed road transport projects in the city.

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