EIB Group confirms record €1.6 billion in Ireland for 2023: backing renewable energy, education, housing and innovation

• EIB Group President Calviño and Finance Minister McGrath outline broad impact of EIB and EIF engagement following discussions with Taoiseach and Ireland-EIB Financing Group ministerial meeting
• New financing helping to cut homeowner’s energy bills, increase housing, improve education and scale-up solar and wind energy
• Irish innovation, healthcare, clean tech and startup companies benefiting from private equity and venture capital financing
• Largest EIB Group and European Investment Fund engagement in Ireland in 51 years of operations in Ireland

The European Investment Bank Group provided an unprecedented €1.6 billion backing for transformational investment across Ireland last year. The 2023 investments are helping companies to expand and create skilled jobs, homeowners to cut energy bills, increasing renewable energy generation and supporting the development of the new Cork University Business School (CUBS). This represents the largest backing for new investment in Ireland by the European Investment Bank Group since the first operation in 1973.

European Investment Bank Group President Nadia Calviño and Finance Minister Michael McGrath confirmed the historic engagement in Ireland in Dublin following a meeting with the Taoiseach and discussions with Ministers at the Ireland-EIB Financing Group.

"The partnership between the EIB Group and Ireland is special. Last year’s record EIB Group investment of €1.6 billion into impactful and innovative projects in Ireland is testament to that. This close co-operation means our joint investments are ensuring that households and business can reduce energy bills, companies can grow and innovate, and we can improve education, provide social housing – and tackle climate change, “EIB Group President Calviño said.

She added, “I’m delighted to be here in Dublin to see some of the projects at close hand: homes for families in north Dublin and student accommodation and support for innovation at Irish universities. Today, I have also had the opportunity to discuss with the Taoiseach and ministers at the Ireland-EIB Financing Group how we can deepen our partnership even further to identify and back priority investment for the country.”

"It is a pleasure to welcome new European Investment Bank Group President Nadia Calviño to Dublin for today’s meeting of the Ireland-EIB Financing Group.  The European Investment Bank Group is a key partner to ensure that Ireland benefits from high-impact investment that unlocks opportunities, improves services and delivers a more sustainable future.  I particularly welcome the record investment of €1.6 billion in 2023, which demonstrates the EIB Group's ongoing strong engagement here.  It is also a significant vote of confidence in Ireland.  EIB Group backed investment in renewable energy, education, housing, and innovation across Ireland will not only create jobs but also accelerate our transition to a low-carbon economy and enhance Ireland’s competitiveness on the global stage." said Michael McGrath TD, Irish Minister for Finance and Ireland’s Governor at the European Investment Bank.

Discussing investment priorities with the Taoiseach and Ministers

Earlier this morning President Calviño updated Taoiseach Simon Harris on how Ireland is expected to benefit from impact focused EIB investment under the EIB Group’s strategic roadmap and eight key priorities welcomed by EU Finance Ministers earlier this year.

President Calviño also discussed Ireland’s investment priorities with Ministers and officials responsible for Housing, Climate, Transport, Enterprise and Higher Education at the Ireland EIB Financing Group, chaired by Minister McGrath. During the meeting she highlighted the European Investment Fund’s strong backing for venture capital and private equity investment in Irish clean tech, growth, and medical technology companies, emphasising the pivotal role these sectors play in driving Ireland's economic advancement and reinforcing Europe’s strategic autonomy and competitiveness.

Meeting education, innovation and housing partners

During her three -day visit to Ireland President Calviño also visited Trinity College Dublin with Provost Linda Doyle and heard how the EIB has supported the four-year restoration of the Rubrics, the oldest building on campus and Ireland's oldest surviving purpose-built residential building alongside backing research, teaching and innovation investment at the campus as part of ongoing engagement with all Irish universities.

The EIB delegation will also meet housing partners at a new 20-unit development, providing homes and ending homelessness for some of the new tenants, in Phibsboro, Dublin.

Backing clean energy and energy efficiency, education and business innovation in 2023

Last year’s financing from the European Investment Bank Group of €1.6 billion represents a significant increase from the average €1 billion annual engagement in recent years and covers support to a broad range of sectors.  

More than 80% of EIB group financing in Ireland last year backed investment to enhance climate action and environmental sustainability, representing the largest ever climate engagement and following a continual increase in climate finance over the last 5 years.

Investments include combined backing from the European Investment Bank and its specialised subsidiary the European Investment Fund for the €500 million new low-cost Home Energy Upgrade Loan Scheme to encourage homeowners to invest in energy efficiency and renewable energy using low-interest home energy upgrade loans. Formally launched by Ministers and the EIB last week, the Scheme is the first of its kind for both Ireland and the European Investment Bank (EIB) Group and will play a crucial role in helping homeowners to invest in energy efficiency, making their homes warmer, healthier and cheaper to run.

The EIB also agreed financing for small-scale wind and solar renewable energy projects across Ireland and the roll-out of electricity smart meters across the country.

New innovation investment by Galway-based Xerotech, to accelerate electrification of for construction, agriculture and mining machinery and vehicles and research and development to improve tinnitus care and treatment by Dublin-based Neuromod was also backed.

Irish startups, medical technology, clean tech and healthcare companies will also benefit from new dedicated venture capital, private equity and business financing totalling a record €598 million agreed by the European Investment Fund in 2023.

Looking ahead the EIB is currently engaged in discussions about future sustainable transport, water, university, education and corporate innovation investment across Ireland.

Background information

EIB Group

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investment contributing to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing in 2023 – 90% of it in the European Union.  These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support  €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB's financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank's commitment to fostering inclusive growth and the convergence of living standards.