Irish Minister of Transport Noel Dempsey and EIB Vice-President Plutarchos Sakellaris, in charge of funding activity in Ireland, met for the first time today at the EIB’s headquarters in Luxembourg.

The purpose of the visit was to discuss the Irish Government’s transport investment program and possible support from the European Investment Bank. The EIB has been a long-standing partner in Ireland and intends to uphold its cooperation with both public authorities and private investors in the country. The meeting was held in the presence of the Irish Ambassador in Luxembourg, Martin Burke

Vice-President Sakellaris confirmed the EIB’s commitment in Ireland: “The European Investment Bank has been standing by Ireland’s side for many years and I would like to assure Minister Dempsey once again that we definitely intend to uphold our very fruitful cooperation.”

The EIB in Ireland

The European Investment Bank (EIB) made its first loan in Ireland in 1973 and since then the European house bank has lent almost EUR 10 billion to support the Irish economy. In the five years from 2004 to 2008, the EIB financed key investment in Ireland to the tune of EUR 2.2 billion. In March 2009, the EIB extended loans for small and medium sized entreprises (SMEs) to three banks – Allied Irish Bank, Ulster Bank and Bank of Ireland -  for a total of EUR 300 millions. 

Background:

The EIB is the long-term lending arm of the European Union, and is wholly owned by the 27 EU member states. Its aim is to contribute to the integration, balanced economic development and economic and social cohesion of EU member states. It does this mainly by providing loans from funds raised on capital markets on favorable terms thanks to its AAA credit rating. In 2008 the EIB signed loans totaling EUR 57.6 billion, of which EUR 51.5 billion was for projects within the European Union.

Minister of Transport Noel Dempsey and EIB Vice-President Plutarchos Sakellaris, in charge of funding activity in Ireland, met for the first time today at the EIB’s headquarters in Luxembourg.

The purpose of the visit was to discuss the Irish Government’s transport investment program and possible support from the European Investment Bank. The EIB has been a long-standing partner in Ireland and intends to uphold its cooperation with both public authorities and private investors in the country. The meeting was held in the presence of the Irish Ambassador in Luxembourg, Martin Burke.