The European Investment Bank (EIB) and Malin Corporation plc (ISE:MLC,“Malin”), an Irish-based global life sciences company, today highlighted how research and innovation is already benefiting from the EIB's support at a Dublin event attended by representatives of Irish universities, business associations and life science companies. The Irish Government, EIB and European Commission outlined new lending available for innovative firms and called on Irish companies to consider investment backed by the EIB.
Andrew McDowell, European Investment Bank Vice President said: “Across Ireland opportunities to use world-class skills and cutting edge ideas are being lost due to delayed investment. The European Investment Bank is committed to supporting innovation across Europe, including increasing private sector investment in Ireland under the Investment Plan for Europe. In less than four months Malin has shown how world class ideas can be turned into models of success and we look forward to replicating this approach with other Irish companies. In the coming weeks, we will establish the bank’s first permanent presence in Ireland and we look forward to strengthening our engagement with companies across the country.”
Malin, who secured a debt facility of €70 million over a period of 7 years from the EIB in June, confirmed that the EIB support has enabled the company to increase its investment across the European life sciences industry. Malin noted that €40 million of the EIB loan has already been drawn down and is being used to support cutting edge innovation and development of new products by private life science companies in Ireland and the UK.
Kelly Martin, CEO of Malin said: “Malin and the EIB recognise the importance of nurturing the growth of innovative companies through the application of long-term capital which will allow them to reach their full potential and achieve commercial success. The support of the EIB enables Malin to continue to build on our strong track record of unlocking innovation and to accelerate the progression of current and prospective Malin investee companies. We look forward to working with the EIB as a strategic funding partner in the years to come.”
Mary Mitchell O'Connor, Minister of Jobs, Enterprise and Innovation, stated that "Ireland is home to global leaders in innovation and research. I welcome the European Investment Bank’s new support for investment in Irish talent that builds on recent engagement to unlock investment in Irish schools and universities.”
Phil Hogan, European Commissioner, responsible for Agriculture, said: "The priority of this European Commission is to add value to EU growth and job creation. One key way to achieve this is by delivering smart and strategic investment in large-scale projects throughout Europe. Ireland is a European hub for medical technologies, therefore investing in further innovation and research in the sector makes good economic sense. And I would urge other Irish innovators and entrepreneurs to explore potential opportunities under the Investment Plan for Europe – when the EIB opens its permanent premises in Ireland in the coming weeks this will be an excellent first port of call. I wish Malin the best of luck with their new ventures and hope they will serve as an example to others."
The Investment Plan is the Juncker Commission's landmark strategy to support investment and bring back jobs and growth to Europe. It allows its strategic partner, the EIB, to take on innovative and higher-risk projects. The EUR 70 million EIB loan is guaranteed by the EU budget, which allows the EIB to offer Malin long-term financing with flexible conditions and at favourable rates.
Over the last 5 years the EIB has provided €3.8 billion for investment across Ireland to improve education, transport, energy and water infrastructure and access to finance by small business. Innovation and skills are key ingredients for ensuring sustainable growth and creating high-value jobs and play an important part in driving Europe’s long-term competitiveness. Last year the EIB Group provided nearly €19 billion for innovation investment across Europe.
Photographer: EIB ©Robbie Reynolds Photography
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