The world's biggest international bank will open a permanent office in Ireland today.

Taoiseach Enda Kenny and Finance Minister Michael Noonan will be on hand to officially open the European Investment Bank (EIB) in Dublin.

The bank says it expects an increase in Irish construction projects because of the attractive terms it offers.

Located on Dublin's Upper Mount Street, it will give Irish companies a direct contact point for EU-supported financing solutions.

Loans for major projects that commercial banks are unlikely to take on will be made available at more favourable terms by the bank.

It has lent €15bn to fund Irish projects since 1973 - including Dublin's Luas, Dublin Airport's second terminal, and developments by Irish universities.

The RCSI (Royal College of Surgeons in Ireland) will sign a €50m loan agreement with the EIB later today to help to fund its new 10 story academic education building, on York Street in the heart of Dublin’s city centre.