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.
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.
The Government claims 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.
Today’s announcement of a €23.5 Million 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.
Speaking today, Finance Minister and EIB Governor, Paschal Donohoe said, "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."
European Investment Bank Vice President responsible for lending operations in Ireland, Andrew McDowell added, "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."