The EIB-Ireland Financing Group meets in University College Cork (UCC) to explore how future EIB engagement can assist economic development, job creation, and Ireland’s country's transition to a low-carbon and sustainable future.
It is the first meeting of the group outside Dublin and the EIB will meet with Ministers to explore potential areas of investment and best-practice collaboration to build on the EIB's long-standing support for economic growth, sustainability, and innovation in Ireland.
Supporting Ireland’s higher education ambitions
At today’s meeting in UCC, it was also announced that EIB will provide EUR 50 million for the development of UCC’s new Cork University Business School (CUBS) which is being developed in the heart of Cork City. It is the first dedicated EIB support for business school investment in Ireland and a signing ceremony will occur on the University campus later today.
Michael McGrath, T.D., Minister of Finance and Governor of the European Investment Bank welcomed the new investment; “UCC’s global ambition will deliver real benefits to Ireland. The EIB’s vote of confidence in UCC and first dedicated support for business school investment in Ireland allows the development of world-leading business school in the heart of Cork City.”
Ministers discuss future EIB financing including climate action and business
The meeting of EIB-Ireland Financing Group in Cork, the first outside Dublin, explored how future EIB engagement can economic development, job creation, and Ireland’s transition to a low-carbon and sustainable future. Ministers discussed potential areas of future investment and best-practice collaboration to build on the EIB's long-standing support for economic growth, sustainability, and innovation in Ireland.
Michael McGrath, Finance Minister and Governor of the European Investment Bank chaired the meeting, highlighted the impressive EUR 1 billion engagement by the EIB Group in Ireland for the year 2022 and welcomed the appointment Kevin McKeon as the new head of the EIB Dublin office.
“Once again the EIB has enabled long-term investment to transform academic, research and education facilities in Ireland alongside driving sustainable growth and supporting key sectors, improving services and strengthening economic opportunities for people across Ireland.". added Minister McGrath.
“Here in Cork I confirmed to Ministers that the EIB Group's commitment to Ireland remains strong, as demonstrated by our substantial EUR 1 billion engagement last year. This significant support reflects our confidence in Ireland's future and our desire to contribute to its prosperity." highlgihted Ricardo Mourinho, European Investment Bank Vice President,
In addition to the discussions on future investment, the EIB announced its EUR 50 million financing for the construction of a new home for the University College Cork Business School. This support underscores the EIB's commitment to fostering educational excellence and nurturing the next generation of business leaders in Ireland.
EUR 1 billion for health, education, energy, innovation and business investment in 2023
In 2023 the European Investment Bank and European Investment Fund provided more than EUR 1 billion for private and public investment across Ireland. This included community healthcare, cybersecurity, and the Celtic electricity interconnector between Ireland and France. The EIB also agreed to support the construction, enlargement and modernisation of 30 schools and improving energy efficiency in school building.
Kevin McKeon new head of EIB Group Dublin office
The newly appointed head of the EIB Dublin office Kevin McKeon, will play a pivotal role in coordinating the EIB and EIF activities in Ireland. Kevin’s extensive experience and expertise will further strengthen the EIB's partnership with Irish institutions and contribute to the successful implementation of projects that drive economic, social, and environmental benefits.