In its session on 3 November 2016, the Cabinet Finance Committee favoured the Foreign Ministry's proposal to grant a convertible loan of EUR 130 million to Finnfund. The loan choice is now ready for signature by Minister for Foreign Trade and Improvement Kai Mykk?nen.

The loan decision will implement the position set out within the Improvement Policy Report adopted in February 2016, regarding the enhancement of Finnfund's operations and improvement of its possibilities for risk-taking in projects of importance for improvement. The financial implications from the convertible bond for the Government have been addressed in the second supplementary spending budget for 2016, adopted by Parliament on 22 June.

Finnfund (Finnish Fund for Industrial Cooperation Ltd.) is actually a state-owned improvement finance business operating within the administrative sector on the Ministry for Foreign Affairs. It provides long-term threat capital for profitable investments in building countries. Projects funded by Finnfund have led for the creation of 24,886 jobs in creating countries. In 2014, this made a total of EUR 277 million in tax revenues and also other payments to establishing country administrations. The company’s operating profit in 2015 totalled EUR five.1 million and the value of its investment assets was EUR 329 million.

"There is usually a global consensus that attaining the UN sustainable improvement ambitions also demands a strong private sector contribution. Finland is now taking a major step forward in aligning itself with the principal countries that help this philosophy," states Minister for Foreign Trade and Improvement Mykk?nen.


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