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€40m European Investment Bank backing for An Post transformation

Written by Robert McHugh, on 24th Oct 2019. Posted in Financial

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A new ten year €40m European Investment Bank (EIB) loan to An Post was formally announced in Dublin today by Minister for Communications, Climate Action and the Environment, Richard Bruton in the presence of European Investment Bank Vice President, Andrew McDowell and CEO of An Post, David McRedmond. 

More than €82m of new investment by An Post over the next three years is backed by this first ever long-term EIB loan to Ireland’s national mails & parcels and retail post office operator. 

An Post say the new EIB backed investment will enable more than 750 fully electric vehicles to be used for local deliveries across the country and digital customer services to be upgraded across the retail network, including 950 modernised post offices.

It is also claimed that customers will benefit from high-performance automated parcel sorting and replacement of paper forms with app-based technology as part of broader digitalisation and innovation investment to cater for the growing eCommerce parcel business.

European Investment Bank Vice President responsible for Ireland, Andrew McDowell said, "As a leading European postal services provider, An Post is demonstrating how support for local communities and climate action can be at the core of a sustainable business. For that reason, I am very pleased to confirm a new EUR 40 million loan from the European Investment Bank - the EU Bank - to finance its greener delivery fleet and to accelerate use of innovation and digitalisation to enhance access to financial services and improve mails, parcels and e-commerce services for customers."

An Post CEO, David McRedmond added, "This ground-breaking contract demonstrates confidence in An Post’s transformation and digital strategy for the Irish economy, business of all sizes and local communities. It enables us move faster and be smarter in changing from the old world of letters and cash to the new digital world of e-Commerce and financial services." 

Source: www.businessworld.ie

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