The European Investment Bank is expected to be officially present within Ireland during the year.
Andrew McDowell himself confirmed the start of activities, as he became the new Ireland-responsible vice-president of the European Investment Bank.
The non-profit institution was established in 1958 under the Treaty of Rome. Its main purpose is to provide financial help to the projects that can contribute to the improvement of the European countries.
According to Mr McDowell, the Bank has helped Ireland to get rid of the consequences of the major financial fall. It also keeps opening new possibilities for investment for the last 40 years.
He added that it’s highly important to use the experience from gaining investment in other countries to improve Ireland. The new EIB office in Dublin will make everything possible to unite authorities and private sector colleagues to build this path of opportunities.
Mr McDowell was speaking at a European Commission event focused on investment in Ireland’s infrastructure using the so-called Juncker investment fund. The fund uses commission guarantees and EIB services to leverage funds from the international finance markets for difficult infrastructure projects in EU member states.
The new EIB office is expected to be opened before the end of the year. It said that having a permanent presence would 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 to flourish,” Mr McDowell said.
Over the past five years the EIB has provided more than €3.6 billion for new investment to improve transport, education, rural internet and flood protection across Ireland.
The EIB, which has its headquarters in Luxembourg, has offices in 19 European capitals and 21 locations outside Europe.
Paschal Donohoe, the public expenditure minister, who also spoke at the event yesterday morning, said that he wants to further strengthen the institutional relationships between the authorities and the investment bank.
“This is with a view to taking full advantage of the EIB’s increased lending capacity and bringing the EIB’s investments in Ireland to a new and higher level. I believe that the EIB can play a crucial role in mobilising the additional public and private investments in key infrastructure needed to support the continued recovery of the Irish economy,” he said.