European Investment Bank to lend €300m to Irish firms

The European Investment Bank (EIB) has unveiled a €300 million long-term lending programme for Irish midcap firms.

Companies active across a range of sectors looking to expand their activity will be able to access the new finance from the EIB. It is understood that individual loans will provide financing at cheaper rates and on longer terms.

The details of the programme were outlined to business leaders at a workshop at Ibec headquarters in Dublin.

Ibec chief executive Danny McCoy said: “The EIB’s new lending programme for Irish business is a welcome source of new and alternative investment. This programme, and the deeper cooperation between Ibec and the EIB, demonstrates the EIB’s continued commitment to the Irish market.”

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Minister for Finance and Public Expenditure and Reform Paschal Donohoe said: "This programme will enable midcaps to widen and complement their financial sources, stimulating investment in the Irish economy which is all the more welcome in the face of the challenges from Brexit."

The news comes on the same day that the European Investment Fund announced that it would plough €20 million into early- and expansion-stage tech companies.

The EIB is the world's largest international public bank, owned by the European Union member states. Over the last decade the EIB has provided more than €1.2 billion for investment by Irish companies.