EIB to back urban infrastructure investments in Tallinn
- Date: 24 May 2017
The European Investment Bank (EIB) is providing a long-term loan of EUR 100 million to finance small to medium-sized priority projects upgrading municipal infrastructure in Tallinn. The loan agreement with the Municipality of Tallinn was signed on Friday May 19th.
The city will use the European financing for multi-sectoral investments under the municipality's three-year investment programme leading up to 2019. On the whole, the loan will benefit small to medium-sized schemes in the areas of municipal infrastructure, mobility, education and sport. Other sectors that are involved in the investment programme are social and health infrastructure and cultural heritage.
Romualdo Massa-Bernucci, EIB director for lending operations in the Baltic States and Northern Europe, commented: “The EIB financing will provide the Municipality with the necessary support for its investments in domains where Tallinn, as a local government, has financial and planning responsibility. The EIB has been active in Estonia for many years and acknowledges the long-standing partnership with the City of Tallinn. Our financing is meant to improve people’s lives and the Bank is convinced that this investment will do just that for the inhabitants of Tallinn.”
The Mayor of Tallinn, Taavi Aas, said: “Our fruitful co-operation with the EIB dates back to 2008 and will continue with the signing of the third loan agreement. The flexibility of the terms accompanied with the favourable maturity structure helps to finance the investment program of the city in its best possible way.”
Tallinn’s long-term investment strategy aims to modernise the city's basic infrastructure and improving the quality of public services. The plan includes several components, such as modernisation of public transport, refurbishment of city streets, upgrading of schools as well as the renovation of social and health infrastructure and cultural heritage. All works are to be implemented over the course of the coming three years.