Mr Taavi Veskimägi has stepped down from the post of Estonian Minister of Finance and been replaced by Mr Aivar Sõerd, who took up his position on 13 April 2005.

Mr Sõerd, who also becomes Governor of the EIB for Estonia, graduated in Economics and Business Administration from the University of Tartu in 1990, followed by post-graduate studies at the University of Oulu.

Prior to his appointment as Minister of Finance, Mr Sõerd, 41 years old, held the post of Chief Executive Officer at AS Vaba Maa (Feb 2004 - April 2005). He has also served as Director General at the Estonian Tax Board (1999-2003).