New €300m EIB Fund To Target Irish Companies

07 Sep 2017 | 02.21 pm

New €300m EIB Fund To Target Irish Companies

The European Investment Bank is also partnering with Ibec

07 Sep 2017 | 02.21 pm

The European Investment Bank has unveiled a new €300m long-term lending programme, the first such EIB direct lending initiative aimed at Irish midcap firms.

Previously, the EIB’s direct loan offerings in Ireland focused on larger corporates. This new programme is pitched at midcap companies across a range of sectors that are looking to expand activity. According to the EIB, individual loans will provide financing at cheaper rates and longer tenors than those traditionally available.

The EIB also announced a partnership with Irish business group Ibec. The partnership aims to provide improved promotion and information on new small business and midcap financing programmes, tailored for the needs of Irish businesses.

Commenting, Ibec CEO Danny McCoy said that the partnership and funding programme represented more steps towards improving the competitiveness of companies in Ireland.

“This programme, and the deeper cooperation between Ibec and the EIB, demonstrates the EIB’s continued commitment to the Irish market. We are looking forward to working with them to improve the business environment for Irish companies,” he added.

“The announcement comes at an opportune time for Irish business owners, providing them with greater certainty in the face of challenges from Brexit.”

Andrew McDowell, vice president of the EIB, said that the EIB group will be rolling out a number of new financing initiatives to support companies across Ireland. “This new midcap lending programme complements the EIB’s traditional support for transformational infrastructure in Ireland, and the partnership with Ibec agreed today will pave the way for stronger engagement in the years to come,” he continued.

McDowell earlier agreed a new €20m investment in ACT Venture Capital’s latest fund, ACT V, by the European Investment Fund, part of the EIB group. The fund is expected to lead to overall investments of more than €90m for primarily Irish SMEs looking to expand internationally.

Photo: John Flynn, ACT Venture Capital (left), and Andrew McDowell, EIB

Comments are closed.