- Minister Donohoe chairs EIB-Ireland Financing Group and outlines priorities for EIB engagement in Ireland
- New support for innovation, agribusiness, local authorities and social housing in coming months
- First EIB loan for Dublin-based Cubic Telecom to accelerate innovation and commercialisation
- EIB activity growing and diversifying with increasing upstream engagement and advisory support.
Details of future European Investment Bank and European Investment Fund activity in Ireland were outlined at a meeting of the EIB-Ireland Financing Group in Dublin earlier today between Irish Ministers, European Investment Bank Vice President Andrew McDowell and senior officials.
New European Investment Bank Group engagement across Ireland will strengthen support for social and affordable housing, support regional development, help Irish agribusiness mitigate uncertainties related to Brexit and accelerate innovation investment.
“Close cooperation between Ireland and the European Investment Bank ensures financial and technical support for projects across the country that unlock economic opportunities, successfully tackle social challenges and address this country’s unique vulnerability to Brexit. Today’s meeting with Ministerial colleagues and senior officials responsible for housing, environment, sustainable finance and transport and the EIB provided an opportunity to enhance the impact of EIB engagement in specific projects. This built on discussions with the Taoiseach during his visit to EIB headquarters a few weeks ago. In the coming months the EIB will confirm new financing for priority investment and step up its advisory support for climate, housing, regional development and infrastructure investments. The new loan signed this morning with Dublin-based Cubic Telecom demonstrates the increased direct support for world class Irish innovation and research.” said Paschal Donohoe, Finance Minister and EIB Governor.
“Regular discussions with Ministers and continual engagement with public and private partners across Ireland is crucial to enhance the impact of EIB operations in Ireland and ensure that the EIB can help tackle investment challenges concerning climate, Brexit and innovation. Agreement of the first ever EIB loan for Cubic Telecom will accelerate commercialisation and technological development by a leading global provider of vehicle connectivity.” said Andrew McDowell, European Investment Bank Vice President responsible for lending operations in Ireland.
Strong EIB engagement in Ireland expected to exceed 2018 engagement
Following agreement for EUR 569 million of new financing already this year the EIB Group is expected to provide significant new financing for projects across Ireland in 2019 to support public and private investment with a range of existing and new clients. EIB engagement this year already exceeds activity in 2018 during the same period.
Strengthening preparation of priority investments
Together with future financing support, unique technical experience gained from projects around the world will be used to enhance the impact of new investment in areas such as energy efficiency, developing Ireland’s offshore wind potential, delivering affordable housing and supporting the preparation and implementation of large infrastructure investments.
Supporting private sector investment in innovation and growth
Today’s announcement of a loan to Cubic Telecom marked the most recent support by the EIB to fast growing innovative companies in Ireland. The EIB Group is expanding its lending to Irish business and is looking at ways to expand equity and growth financing.
Building on the EIB’s track record in Ireland
The European Investment Bank is the world’s largest international public bank, owned by the 28 EU member states. The EIB has supported long-term investment across Ireland since 1973 and over the last decade has provided more than EUR 7 billion for education, transport, health, social housing, energy, agriculture and business investment.