Taoiseach visits EIB and welcomes EUR 300 million backing for Irish water investment

The European Investment Bank (EIB) today hosted Taoiseach Micheál Martin at its headquarters in Luxembourg, marking a significant milestone in the ongoing partnership between Ireland and the EIB Group.

"The European Investment Bank is a key partner for transformational investment across Ireland and the new water investment will help support Uisce Éireann in upgrading Ireland's vital water infrastructure ensuring a sustainable future for our communities," said Taoiseach Micheál Martin. "It aligns very well with our announcement, as part of our new National Development Plan, earlier this week, that we are specifically earmarking €12 billion for critical water infrastructure investment in pursuit of national strategic goals. By enhancing water resilience, protecting the environment, and proactively addressing the challenges of climate change, this funding improves the quality of life for our citizens and allows us to deliver on broader societal objectives. Our strong partnership with the EIB is crucial in helping to meet our national development goals, across key sectors including water, housing, and energy."

The European Investment Bank is proud to deepen its long-standing partnership with Ireland through our largest ever financing for water projects in the country," stated EIB President Nadia Calviño. "As the EU Climate Bank, we prioritize investments in water services, which improve the daily lives of people. This EUR 300 million loan, part of our dedicated Water Resilience Programme, will also support Ireland’s successful green transition." 

Building on EIB Group engagement in Ireland

During their meeting, President Calviño and Taoiseach Martin discussed the EIB Group's extensive engagement in Ireland. In recent years the EIB Group has provided around EUR 1 billion annually for public and private investment.

Discussions also covered the EIB’s ongoing support for a wide range of priority investments, including housing, transport, education, health, innovation and energy, along with the key role the European Investment Fund plays in contributing to innovation and venture capital investment in Ireland.

The leaders reaffirmed the EIB’s commitment to providing long-term financing and expertise for future priority investments essential for Ireland’s sustainable growth and Europe’s strategic autonomy.

Improving water across Ireland

During the visit EUR 300 million new EIB backing for critical water and wastewater infrastructure investment by Uisce Éireann across Ireland, in cooperation with the National Treasury Management Agency, was formally signed.

This represents the largest ever support for water investment in Ireland by the EIB, the world’s largest multilateral financier for water investment.

“Large scale investment in Ireland’s water network is crucial to ensure delivery of safe, clean and environmentally compliant water to households and businesses across the country. We welcome this source of funding which will form part of the resources required to deliver Uisce Éireann’s overall capital investment programme as outlined in our Strategic Funding Plan. The EIB’s support will enhance the impact of Uisce Éireann investment over the coming years and accelerate development of Ireland's critical water services infrastructure, protecting public health and supporting social and economic development.” said Chris McCarthy, Chief Financial Officer of Uisce Éireann.

This multi-annual investment programme, a key Irish contribution to the EIB’s new flagship Water programme, will significantly enhance the country's water and wastewater treatment capabilities. The investments are designed to:

• Enhance water resilience and security: by rehabilitating and extending water supply infrastructure, increasing resilience to challenges like drought. This will benefit communities throughout Ireland with increased water security.
• Enhance the environment: by extending and rehabilitating wastewater treatment plants and sewer networks, leading to a substantial improvement in ground and surface water quality, protecting our marine environment and improving drinking water standards.
• Address the impact of a changing climate through both climate change adaptation and mitigation measures. This includes investments in stormwater drainage facilities and wastewater treatment that is future-proofed to cope with more frequent extreme rainfall events and measures to reduce water losses and sewer infiltration, contributing to lower energy requirements and carbon emissions. The project is aligned with the principles of the Paris Agreement.

New head of EIB Group office in Ireland

The Taoiseach took the opportunity to thank Kevin McKeon for his services as head of the EIB Group office in Dublin and welcomed Diarmaid Kehoe as his successor.

Background information  

EIB 

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB's financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

High-quality, up-to-date photos of our headquarters for media use are available here.