Economics, Estonia, EU – Baltic States, Financial Services, Funds, Good for Business, Investments

Along with Estonia's own contribution, the total package cost is EUR 4.9 billion, of which the first advance payment in the amount of 33.2 million euros will be paid out this year.

"I am very pleased that successful investments to create jobs and guarantee social security in Estonia continue, and special emphasis is placed on long-term unemployed and young people. It is also gratifying that in the implementation plan, work ability reform, improving public services and education, skills and lifelong learning are on an important position, "said European Commissioner for Employment, Social Affairs, Skills and Workers' Mobility Marianne Thyssen.

One-third of the support money will go to the development of the Estonian people and improving their well-being, i.e. the improvement of education, employment and social security. Another third goes for business development and R & D and innovation. The last third is support to economic development or infrastructure: clean drinking water, roads and railways, high speed internet access, the modernization of central heating systems, and renewable energy solutions.

"The EU support will not last forever – it must be used in a way that provides long-term positive effect to the Estonian economy and provides employment growth," said Estonian Finance Minister Maris Lauri.

The specific aims of the structural funds implementation plan that was approved of on Wednesday include for example increasing Estonian R & D spending to 3% of GDP by 2020, reducing the number of people at risk of poverty to 15% by the same time and increasing the number of exporting companies from the current 11,000 to 16,000, increasing employment to 76% etc.