The German Finance Minister Wolfgang Schauble joined Finance Minister Michael Noonan at Farmleigh in Dublin today for the signing ceremony of the Strategic Banking Corporation of Ireland (SBCI).
It is a vehicle funded by German, European and Irish money which will make at least €800m in credit available to Irish businesses at low interest rates.
It is hoped the scheme will kick-start lending to small and medium enterprises (SMEs) with more favourable terms like lower rates and longer durations.
The Irish SME sector has been struggling to access credit since the financial crisis.
If there is enough demand, it is hoped the scheme could facilitate up to €4bn in lending to the sector.
Mr Schauble took the opportunity to once again congratulate Ireland on our economic forecast.
Watch a video the ceremony below: