European Investment Bank chief visits projects supported by €1.6bn funding
By Cate McCurry, PA
The head of the European Investment Bank Group was visiting various projects in Dublin that have been supported by €1.6 billion funding on Thursday.
The group’s president Nadia Calvino said the money had been spent on climate infrastructure, schools and healthcare, with the EIB providing an “unprecedented” €1.6 billion backing for transformational investment across Ireland last year.
The funding helped companies expand and create skilled jobs, enabled homeowners to cut energy bills, increased renewable energy generation and supported the development of the new Cork University Business School (CUBS).
It also represented the largest backing for new investment in Ireland by the EIB since the first operation in 1973.
Ms Calvino also held meetings with Minister for Finance Minister Michael McGrath and Taoiseach Simon Harris in the capital.
The funding was said to have helped cut homeowners’ energy bills, increase housing, improve education and scale-up solar and wind energy, as well as healthcare, clean tech and startup companies benefiting from private equity and venture capital financing.
Mr McGrath said: “I’m delighted to hear that last year in 2023, the EIB Group made record level of financing of €1.6 billion for investment.
“The EIB Group is a key partner to ensure that Ireland benefits from high-impact investment that unlocks opportunities, improves services and delivers a more sustainable future.
“I particularly welcome the record investment in 2023, which demonstrates the EIB Group’s ongoing strong engagement here.
“It is also a significant vote of confidence in Ireland.
“EIB Group-backed investment in renewable energy, education, housing, and innovation across Ireland will not only create jobs but also accelerate our transition to a low-carbon economy and enhance Ireland’s competitiveness on the global stage.”
Ms Calvino said she would visit a number of projects that had received funding, including a social housing area in Dublin on Friday.
“This is a unique initiative and it is really delivering clear results. Around 80% of this investment are climate related. They support climate action, they support the green transition, and they are delivering results on the ground,” she said.
“This is about how to reduce energy bills for Irish families, how to support companies growing, how to improve our interconnectors and make the energy transition a success.
“How to improve education in a country that is growing and it’s such a young country, investing in future generations.
“I’m delighted to be here in Dublin to see some of the projects at close hand: homes for families in north Dublin and student accommodation and support for innovation at Irish universities.
“Today, I have also had the opportunity to discuss with the Taoiseach and ministers at the Ireland-EIB Financing Group how we can deepen our partnership even further to identify and back priority investment for the country.”