For the implementation of major projects in Ida-Virumaa, companies will be given two years of extra time. The extension helps to ensure that supported investments can be completed in difficult circumstances.

The Ministry of Economic Affairs and Infrastructure extended the final deadline of major business projects funded by the Fair Fund until 31 August of 2029. The earlier deadline was two years earlier, but the complexity and volume of several projects mean that the original time frame turned out to be too narrow.

According to Minister Erkki Kelda, up to 30 new factories and companies planned in Ida-Virumaa need a more flexible schedule. Development of development is influenced by delays in construction, supply chains and planning processes. Extending the deadline helps to mitigate the risks and give businesses confidence that they will be able to complete their projects through support.

The purpose of the Fair Transition Fund is to support the diversification of the economy of Ida-Virumaa, helping the region to move on dependence on fossil fuels towards a more sustainable economic model. The fund has been allocated EUR 177.8 million to support business investments. The average grant per project is EUR 5.9 million, but in some cases the total cost of the projects is up to EUR 15 million.

According to the Business and Innovation Foundation, several projects are already under construction or in the final stages. For example, the new Fortaco Estonia steel structure factory has ended, in the summer an ax throwing center was opened in Ida-Virumaa and the Peipsi Natural Spa Hotel and the magnetic factory are also completed. Such examples show that the support can be used to make investments with a very different scale.

Sigrid Harjo, a member of the board of EIS, emphasized that the extension is important primarily for projects that require longer preparation and construction time due to complexity. According to Harjo, the goal is that no good project is left to the end because of the only time pressure.

The extended deadline creates more space for businesses, while maintaining the purpose of the fund-strengthening the business environment of Ida-Virumaa and creating new jobs in a way that supports the green transition. The implementation of investments between 2026 and 2029 should give the area a new development and help to make the transitional process smoother and more sustainable.