The Nordic Investment Bank (NIB) provides Covid-19 mitigation loan to Republic of Estonia

Monday, 30 March 2020
The Nordic Investment Bank (NIB) provides Covid-19 mitigation loan to Republic of Estonia Jukka Ahonen

The Nordic Investment Bank (NIB) and the Republic of Estonia have signed a loan agreement of 750 million euros to help finance the measures taken to curb the immediate impact of the coronavirus Covid-19 pandemic on the economy and society.  The loan is to be paid back by 2035.

The Covid-19 mitigation loan will cover a part of Estonia’s increased expenditures, primarily:

  • Additional direct expenditure for the healthcare system and civil protection services;
  • Compensation to employees for forced unpaid leave from work and/or loss of salary due to self-isolation;
  • Support measures for the most affected business sectors, such as small and medium-sized enterprises, tourism and transportation;
  • Compensation for the loss of business and/or additional costs stemming from government’s restrictions imposed to limit the Covid-19 spread; such as closures of sports venues, theatres, museums, etc., and imposing quarantine to certain geographic areas and/or closing of national borders.

NIB was established on 4 December 1975 through an intergovernmental treaty between Denmark, Finland, Iceland, Norway and Sweden.  Estonia, Latvia and Lithuania became members of the Bank on January 1st 2005. As the international financial institution of the Nordic and Baltic countries, NIB finances projects that improve the productivity and benefit the environment of the region. The Bank also has a stabilising role during economic crisis.

 

Original article published on NIB homepage.


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