The European Investment Bank expects to open its first permanent presence in Ireland later this year. The plans were confirmed by Andrew McDowell, the new European Investment Bank Vice President responsible for Ireland during his first working visit to Dublin since assuming office earlier this month.

“The European Investment Bank has played a key role in supporting Ireland’s economic recovery in recent years and unlocking new investment across the country for the last 4 decades. It is essential that experience gained from tackling investment challenges elsewhere in Europe can be shared to continue to strengthen sustainable investment in Ireland. The new Dublin office will ensure that formal and informal links between Irish authorities and private sector partners build on this track record to ensure that opportunities to broaden EIB engagement are not lost” said Andrew McDowell, European Investment Bank Vice President.

The new office is expected to be opened before the end of the year and provide a permanent presence of the European Investment Bank Group in Ireland. This will enable greater contact with potential and existing borrowers, as well as a broad range of public, local authority and business stakeholders.

“The expanded permanent presence of EIB staff in London, Amsterdam, Paris and Athens has reinforced the financial and technical contribution of the bank to enable support for first time schemes in new sectors flourish.” added Vice President McDowell.

Vice President McDowell was speaking alongside Minister Paschal Donohoe TD at the Investing in Ireland’s Infrastructure conference, hosted by the European Movement Ireland, in Dublin and used the occasion to discuss the role of the EIB with business representatives and government officials from a number of sectors.

Over the last 5 years the European Investment Bank has provided more than EUR 3.6 billion for new investment to improve transport, education, rural internet and flood protection across Ireland, as well as enhancing access to finance by small business.

The Luxembourg headquartered European Investment Bank has offices in 19 European capitals and 21 locations outside Europe.