Over €850million of new lending to Ireland in 2014 was outlined in a meeting between Fine Gael MEPs and the European Investment Bank this week.
“The potential of new lending for Dublin and Ireland must be seized as the country recovers from the crash.” That’s the view of Dublin MEP, Brian Hayes, who this week met with the President of the EIB and other FG MEPs.
“Against a background of a 20% reduction in investment over the past 5 years and where the country could not borrow on the international money markets, Ireland must now use the opportunities of new lending from the EIB.”
“The EIB loans money to governments for good projects. We need a pipeline of sustainable and well financed projects across Dublin from social housing to transport to flood protection. “
“In my discussions with the EIB, which is already involved in both the LUAS Inter Connector and Grange Gorman projects in Dublin, I stressed the need to bring on other projects in our capital city.”
“The new President of the Commission, President Juncker, has already asked the European Council and the EIB to bring forward new projects up to a value of €300billion. This is all new investment and it is badly needed across Europe and especially in Ireland.”
“In 2010 the total amount of new lending from the EIB to Ireland was €210million, this year new lending stands at €850million. Each year the country recovers the greater the amount of new lending from the EIB. In the past EIB lending to Ireland was principally in roads and buildings, now we have a diversity of lending from schools, universities, research to SME lending. It’s a partnership that is working and a partnership that leads to new jobs and investment. “