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Friday, 26.04.2024, 01:42
Government of United States provides guarantee for Estonian Linnahall investment
Juhan Tere, BC, Tallinn, 26.01.2010.
Print version
Print versionAs Postimees Online reported, investment company Tallinn Entertainment LLC, which has concluded the preliminary contract of renovating of the Tallinn’s Linnahall (City Hall) culture and sports arena and the areas around it, has received the U.S. Government’s guarantee to the giant investment planned, informs LETA.
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The American company can take a loan of up to 2.8 bln kroons with the U.S. Government guarantee to invest in Estonia.
“Thus we can say that the money has been found to design Linnahall and its vicinity into an entertainment, conference and fairs centre,” said the Deputy Mayor of Tallinn Taavi Aas. “Even more so – the credit sum guaranteed by the USA suffices to invest in several projects.”
One of the conditions for granting the guarantee is the agreement of the Estonian Government. Aas said that it would be very much regrettable if the Estonian government rejected the helping hand.
The giant Linnahall complex that was built for the 1980 Olympics has been in a very bad state for years as it requires huge investments to update it. The city held multiple tenders to find a developer for the area before finding the U.S. investment firm
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