EAS and KredEx to continue as a foundation in merger


The Ministry of Economic Affairs and Communications is proposing to the Government that the legal form of the new organisation, which will be created by the merger of KredEx and Enterprise Estonia (EAS), could continue to be a foundation.

“A foundation is the most flexible legal form for setting up a new organisation. The almost 20 years of work of both EAS and KredEx as foundations have proven their worth and it is wise to continue in this way,” said the Minister of Entrepreneurship and Information Technology, Andres Sutt.

Based on legal analysis, the Merger Steering Committee found that the most expedient way forward was to merge EAS with KredEx. “We have set a very ambitious deadline for the merger, and the creation of a new foundation based on KredEx entails a smaller administrative burden. I would like to emphasise that in the new agency, which will provide comprehensive solutions for companies, both KredEx and EAS have an equal role,” the minister said. “Due to the services and structure of KredEx, such a solution does not entail time-consuming and complex procedures with the Financial Supervision Authority or the amendment of international loan agreements and the re-registration of collateral.”

Sutt said that the main objective of the new association is to support entrepreneurship in Estonia, increase our international competitiveness, visibility and attractiveness as a place for business, living and studies. “Increasing the knowledge-intensity of the economy through green, digital, and innovation turnarounds and diversifying the capital market is Estonia's strategic goal and a competitive advantage for the future, and the great responsibility of driving this will be a key challenge for the new organisation. We will also continue to make buildings more energy-efficient, which is imperative in our climate and an important part of the green turnaround,” he added. “For people and businesses in Estonia, interconnection means, above all, better public services, a single service standard, an e-services environment and a communication channel.”

The Ministry of Economic Affairs and Communications will make a proposal on the legal form to the government in the coming weeks. The merger is expected to take place by the beginning of the new year, and will include a new name for the organisation.