24 Jan 2020
European Investment Bank outlines funding options for businesses
The Vice President of the European Investment Bank, Andrew McDowell addressed a gathering of industry stakeholders including ICOS in Dublin on 17th January.
The event was hosted by Frances Fitzgerald MEP. Mr McDowell outlined the funding priorities for the EIB over the next decade, which includes climate and the environment, innovation and skills, small businesses and infrastructure.
The EIB is the European Union’s investing and financing arm. Based in Luxembourg, it is owned by the Member States of the EU and is the world’s largest multilateral banking institution. Ireland has accessed €19 billion in low cost and long-term finance from the EIB since our accession to the then EEC in 1973. In 2016, the EIB opened a dedicated office in Dublin. The head of office, Cormac Murphy is a vital link for businesses wishing to access the EIB.
The EIB has funded projects across the public sector, university sector and private sector. During his address, Mr. McDowell referenced the loan secured by Carbery to help them Brexit proof their business and diversify their product portfolio under a €400m EIB streamlined agriculture and bioeconomy financing programme launched last year.
At the meeting, the Chief Executive of the Strategic Banking Corporation of Ireland, Nick Ashmore outlined the funding packages offered by the SBCI, in conjunction with the EIB including the €300m Brexit loan scheme launched in 2018 and €300m future growth scheme launched in 2019. Catherine Moroney, Head of Business Banking Market at AIB Bank drew attention to their €5bn Climate Action Fund.
Eamonn Farrell – Agri Food Policy Executive