Construction, Estonia, Investments, Legislation, Real Estate

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Estonia may invest EUR 70 mln in real estate annually

BC, Tallinn, 22.04.2016.Print version
The Estonian government is about to invest on the average 70 million euros in real estate per year to renovate and maintain existing real estate and build new structures, Prime Minister Taavi Roivas said after a Cabinet meeting where ministers heard about the possibilities to finance real estate projects in the current fiscal strategy period, informs LETA/BNS.

Roivas said at the government press conference that no requests for additional funding were filed during the negotiations on budgetary strategy. According to valid rules, ministries can come up with their applications in summer.

 

"To name just a few of the major projects that we can move forward with, one is the Estonian embassy building in Moscow. It is a very big renovation project, we are speaking of a budget of more than 20 million euros," Roivas said.

 

The head of government said that, of projects in the planning phase, Estonia intends to move forward with the project of the school of fine arts. This is a project that has been dealt with perhaps by four ministers of education, he added.

 

Another project is for the overhaul of the Estonian Knighthood House at Toompea in time for the Estonian presidency of the EU, Roivas said.

 

"We also spoke today about the next stages of the memorial to the victims of Communism, the decisions as regards the design work have been adopted," Roivas said. The other buildings spoken about are rescue buildings in the small towns of Vandra and Vastseliina, joint building of the police and border guard in Parnu, and renovation and building an extension to the building of the Supreme Court in Tartu," Roivas said.

 

"We intend to invest 70 million euros per year on the average to refurbish and renovate properties and build new structures," the prime minister added.

 

Besides the Cabinet examined other sources of funding, such as the budget of proceeds from the sale of carbon emission credits. Very big investments are going to be made using EU monies, such as 140 million euros in hospitals and health centers. Investments in special care institutions are projected to surpass 50 million euros.






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