The European Investment Bank (EIB) and the Estonian Ministry of Finance have agreed to add €120mn from the COVID "top-up" facility to an existing €600mn available for EU funds co-financing, from a deal signed in 2014.
This facility comes as extra COVID-support for Estonia, to finance testing capacity and vaccination campaigns as well as medical and non-medical equipment for hospitals, the EIB said in a press release.
The COVID-19 top-up will finance the operational and capital expenditures aimed at strengthening the emergency response of Estonia against the COVID-19 crisis, and is also expected to increase the mid- and long-term pandemic preparedness of the country, in line with the national strategic framework.
The EIB is the European Union's long-term lending institution, which is owned by the EU member states. The bank provides long-term financing to investment projects that help to achieve the EU's policy goals.
During the past five years, the EIB has provided loans worth over a billion euros in total to the public and private sectors in Estonia.
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