European Investment Bank to Provide €10b for Green Business and Innovation

The European Investment Bank (EIB) has held a meeting with the Ireland-EIB Financing Group at the Department of Finance today. The EIB is expected to strengthen its backing for renewables, climate action healthcare, clean transport, education, agriculture, and business in Ireland. They expect to confirm around 1 billion euros in financing.

Paschal Donohoe, Finance Minister and Governor of the European Investment Bank, said: “The European Investment Bank is a key partner to ensure that Ireland benefits from high-impact investment that unlocks opportunities, improves services and delivers a more sustainable future. It is a pleasure to welcome Vice President Kettel Thomsen and his colleagues back to Dublin for today’s meeting of the Ireland-EIB Financing Group”.

“Discussions between Ministerial colleagues and the EIB will ensure that the EIB’s unique financial strength and technical expertise can accelerate transformational investment across the country and build on the EUR 1 billion of EIB and EIF financing for Irish investment delivered last year. Yesterday’s agreements for EUR 200 million new EIB support for capital investment in 30 schools and advisory support to cut energy bills in schools across the country shows the unique impact of the EIB in this country”, he continued.

The meeting included the Minister for Public Expenditure and Reform, Michael McGrath, Minister for Environment, Climate and Communications and Transport, Eamon Ryan, Minister for Housing, Local Government, and Heritage, Darragh O’Brien, and Minister of State for Agriculture, Land Use and Biodiversity, Pippa Hackett. They were joined by officials from across the government and the EIB’s Irish team.

Christian Kettel-Thomsen, Vice President of the EIB, said: “The EIB-Ireland Financing Group ensures that the EIB can back crucial investment that drives business growth, tackles infrastructure needs and delivers climate action. This week’s visit builds on the EIB Group’s enhanced recent engagement to respond to challenges related to Brexit and COVID-19. Today’s discussions with Ministers from across government will ensure that no opportunities are lost to overcome current challenges and unlock transformational new investment.”

What will the European Investment Bank’s projects include?

The EIB’s expected funding will cover a range of projects across Ireland, including energy efficiency, increasing renewable energy generation and interconnection, innovation, improving educational facilities, farming, and social housing.

The EIB-Ireland Financing Group was founded in 2016 along with their first permanent Irish office, in order to strengthen ties between the EIB and the Irish government. The EIB is a long-term lending institution, and the world’s largest international public bank, being owned directly by the 27 EU member states.

Since 2012 the EIB has provided over 8 billion euros to projects across Ireland, including in education, transport, social housing, healthcare, energy, agriculture, water projects, and business. The new funding is only the next step forward.