OREANDA-NEWS. December 24, 2009. This week Kredex will open a credit line as the last measure of a state support package in order to issue to exporting companies in cooperation with banks long-term loans to the tune of 1.2 billion kroons.

Kredex said the respective agreement was signed with Unicredit Bank AS, and it was planning to sign a contract also with Swedbank AS in January. The resource will be opened for companies after the respective contracts are signed with banks in January 2010.

The credit line to banks is in the sum total of 1.2 billion kroons, of which 400 million kroons will come from the European Regional Development Fund and 800 million kroons from the Estonian government at the expense of a loan it will take.

The credit line Kredex is providing will make it possible to banks to acquire resources at more favorable terms and to borrow them to companies on reasonable terms, which, in combination with a state lown at 0 percent interest and favorable external financing can bring the average weighted interest lower than the interest offered on the market on ordinary terms.

The terms of the loan provided in cooperation by Kredex and the banks are similar to an ordinary bank loan, but a long loan period from two to up to ten years is possible. The maximum sum of the loan is 30 million kroons per company.