- The European Investment Fund (EIF), KredEx and the Estonian Ministry of Economic Affairs and Communications have signed an agreement forming a €60 million risk capital fund-of-funds, EstFund.
- EIF is part of the European Investment Bank group with a central mission to support Europe's SMEs by helping them to access finance.
- KredEx is an Estonian financial institution helping Estonian enterprises to grow business.
- The fund invests in several risk capital funds which will then invest primarily in Estonian enterprises.
- This is the first structural fund-supported fund-of-funds that EIF have invested in.
- The previous fund-of-funds implemented by EIF in Lithuania and Latvia could not benefit from EIF co-investment.
- The new fund-of-funds is expected to enable greater access to equity financing for high growth Estonian SMEs.
Wai Yee Tsang - Journalist