Ireland: EIB and DLL confirm EUR 200m support for business investment
30 November 2017
Companies across Ireland are expected to benefit from cheaper financing following a new EUR 200m initiative agreed in Dublin today by the European Investment Bank and DLL, a global vendor finance company and 100% subsidiary of Rabobank. The new scheme will strengthen leasing and financing for SMEs and mid-cap companies active in agri-business and the food industry, construction, transport and other sectors.
The scheme will be managed in Ireland by DLL Ireland DAC. It will be supported by a EUR 100m EIB loan with additional financing matched by DLL. This represents the largest EIB support for investment by Irish companies with a commercial financing partner for six years.
“The European Investment Bank is pleased to strengthen successful cooperation with DLL to support EUR 200 million of new investment by Irish companies. Food, agri-business and construction companies across Ireland will be able to grasp new business opportunities and expand activity with the significant new financing being made available today.” said Andrew McDowell, European Investment Bank Vice President.
“DLL is committed to financing Irish companies and has a global understanding of leasing and investment needs of smaller companies seeking to grow. Partnership with the EIB will both increase available finance and reduce the cost of leasing for DLL’s Irish customers.” said Fergal O’Mongain, Group Treasurer & Country Manager Ireland of DLL.
The new financing agreement was signed earlier today in Dublin by Andrew McDowell, Vice President of the European Investment Bank and Fergal O’Mongain, Group Treasurer & Country Manager Ireland of DLL.
The new programme follows the successful roll out of DLL financing backed by EUR 25 million, for climate impact projects, from the EIB earlier this year.
The European Investment Bank is the world’s largest international public bank and last year the EIB Group provided a record EUR 33 billion for SME financing that benefited of 300,000 companies worldwide.
The EIB signed an agreement with DLL establishing more support for Dutch and Belgian SME and mid-cap companies from DLL’s Life Cycle Asset Management Program. The credit facility includes EUR 100 million and enables Dutch and Belgian companies committed to sustainable and circular business to benefit from a lower interest rate.
The EIB has provided €200 million in financing to DLL, a global asset finance company for equipment and technology, and wholly owned subsidiary of Rabobank, to support small and medium-sized enterprises (SMEs) and contribute to a greener economy. As part of the agreement, DLL will provide a further €200 million, meaning that €400 million in total will be made available to SMEs in Spain and Italy. These two countries have seen their economies deeply impacted by the COVID-19 public health crisis and local businesses should benefit greatly from this programme.
The EIB has granted a EUR 100 million loan to DLL, a global vendor finance company and wholly owned subsidiary of Rabobank. Under the agreement, DLL will provide a further EUR 100 million, meaning that a total of EUR 200 million will ultimately be made available to Spain's SMEs and mid-caps.