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EIB to support €300 million Future Growth Loan Scheme for Ireland as Brexit looms

  • Ireland
  • General

04-02-2019

The European Investment Bank (the “EIB”) is set to increase financial support for Ireland in a number of sectors as the country prepares for Brexit. The EIB and the European Investment Fund have approved support for the Future Growth Loan Scheme (the “Scheme”), a new €300 million lending program to support investment by Irish companies most exposed to Brexit related uncertainties and which are seeking to develop new products and reduce their exposure to the UK market. The Scheme is a key part of the Brexit preparations announced by the Minister of Finance, Paschal Donohoe in his 2019 Budget.

The new initiative will target agriculture and food companies across the country, as well as firms active in other sectors, through new long-term credit lines to be provided by Irish finance providers. The loans will be co-ordinated by the Strategic Banking Corporation of Ireland.

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