€390m boost for Irish businesses from European Investment Bank

The bank says the programme will take issues like Brexit into account

€390m boost for Irish businesses from European Investment Bank

EIB Group's headquarters in Luxembourg | Image: European Investment Bank

The European Investment Bank (EIB) is set to announce a fund worth almost €400m for Irish firms.

The new support fund will see a €300m streamlined lending programme and a €90m European Investment Fund (EIF) for venture capital.

It is to be announced by Andrew McDowell, EIB vice president for Ireland and former economic adviser to the Taoiseach.

The EIB says the fund will also confirm its commitment to strengthen private sector lending here, alongside infrastructure financing.

The package will also highlight specific challenges facing Ireland, as well as recognition by European finance ministers of need to reinforce investment in the light of Brexit.

It will also give details of the EIB's corporate pipeline for new financing in key sectors.

Irish funds from the EIB since 2012 | Source: EIB

In 2016, the EIB invested €825m in the Irish economy.

Some 50% of this went towards innovation, with a further 35.5% going to infrastructure.

Over the past five years, the EIB has invested €3.7bn in Ireland.

The bank says the total investment of the EIB Group - the European Investment Bank and the European Investment Fund - in Ireland in 2016 was €950m.