(ANSA) - BRUSSELS, DEC 18 - The European Investment Fund (EIF) and KredEx have signed a COSME agreement in Estonia, benefiting from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe or 'Juncker Plan'.

The COSME counter-guarantee agreement will allow KredEx to support 200 million euros of loans and leases to 1000 Small and Medium-sized Enterprises (SMEs) in Estonia over the next three years. KredEx will provide subordinated guarantees to banks and leasing companies for investment loans, working capital loans, leases, overdrafts and bank guarantees. The counter-guarantee agreement is provided under the COSME programme with financial backing from the European Commission.

"As I saw during my visit to the country in June, Estonia is a frontrunner when it comes to innovation and entrepreneurship" the EU Commission Vice-President Jyrki Katainen, said. "This agreement being signed by KredEx with the EIF is good news for 1000 SMEs who will receive financing for their businesses. Estonia can also benefit in the context of the investment plan from infrastructure projects and in particular cross-border ones" Katainen added. (ANSA)