Ireland: Minister Chambers and EIB Vice President discuss Irish investment priorities

• Vice President Ioannis Tsakiris makes first official visit to Ireland
• New social housing, energy, education and business innovation investment discussed
• Two-day visit includes visits to education, transport and social housing schemes

Finance Minister Jack Chambers today welcomed European Investment Bank (EIB) Vice President Ioannis Tsakiris to Ireland and discussed further strengthening Ireland's partnership with the EIB Group. The two-day visit to Dublin marks Vice President Tsakiris' first official visit to Ireland since assuming office earlier this year.

The meeting explored EIB Group support for key investment priorities across Ireland, including social housing, energy, education, and innovation. The Vice President and Minister Chambers also reviewed the status of projects backed by the €1.6 billion EIB Group financing agreed in 2023, which is helping to accelerate social, economic and climate investment across Ireland and discussed the EIB Group’s new social housing taskforce led by Vice President Tsakiris.

"It is a pleasure to welcome European Investment Bank Group Vice President Ioannis Tsakiris to Dublin today.  Ireland's close partnership with the European Investment Bank Group is critical in unlocking new financing opportunities for both public and private investment.  The record investment of €1.6 billion in 2023 demonstrates the EIB Group's ongoing strong engagement here.  Our shared commitment to sustainable growth and innovation is delivering tangible results for communities across the country, as demonstrated by ongoing social housing, energy, and education projects." said Minister for Finance and Governor of the European Investment Bank, Jack Chambers, TD.

"The EIB is proud to work with  Ireland to address key infrastructure challenges and foster innovation. By sharing our technical expertise and financing tools, we are enabling transformative investments that are driving Ireland's green and digital transitions." said Ioannis Tsakiris, European Investment Bank Vice President.

During the discussions at the Department of Finance, Vice President Tsakiris confirmed that the EIB Group would provide new support for investment in Irish ports, which will enable large-scale development of offshore wind projects in Irish waters. Vice President Tsakiris also confirmed additional backing for business innovation in Ireland that is supported by the European Investment Fund and SBCI, reflecting the EIB Groups ongoing commitment to unlock innovation investment by Irish business.

Highlighting transformational education, transport and social housing investment

During the two-day visit to Ireland Vice President Tsakiris will visit key projects backed by the EIB, including the UCD Belfield Campus, the Port of Dublin, and a social housing project in north Dublin.

Housing support key EIB strategic priority

Last July, EIB President Calviño hosted 300 public and private housing stakeholders to identify how to scale up financial support for affordable and sustainable housing across Europe.

Housing is among EIB Group’s eight core strategic priorities, agreed with EU finance ministers, with a new dedicated Task Force chaired by Vice President Tsakiris. This will work on three areas: technological innovation in the building industry, retrofitting and energy efficiency of Europe´s housing stock, development of affordable and social housing.

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.