The European Investment Bank yesterday signed a €35m loan agreement with Cork County Council to support the Council’s Social Sustainability Investment Programme. This represents the first element of an overall €50m loan facility which has been approved by EIB.
The Council has developed a Social Sustainability Investment Programme to maximise potential for growth under the National Planning Framework Project Ireland 2040 and ensure a sustainable future for Cork County.
A broad-ranging portfolio of projects totalling in excess of EUR 250 million have been identified by Cork County Council and planned for delivery over an 8 to 10 year period. In order to deliver on this programme the Council has been in discussions with the European Investment Bank (EIB) and today saw the first of these Loan Finance Contracts agreed between the EIB and Cork County Council.
The loan agreement between Cork County Council and the European Investment Bank was signed today in County Hall with Cork County Council Chief Executive Tim Lucey and EIB Irish Vice-President Andrew McDowell in attendance.
Cork County Council is also close to finalising a further significant loan agreement for a further EUR 34million with the Council of Europe Development Bank which will complement this initial agreement with the EIB.
Welcoming the announcement, European Investment Bank Vice President, Andrew McDowell said, "It is a pleasure to be back in Cork to hear how this new partnership will accelerate priority investment to transform sustainable transport, improve flood protection and upgrade community facilities in market towns and rural villages across Ireland’s largest county. The European Investment Bank looks forward to further strengthening cooperation with local authorities across Ireland to unlock investment that improves communities and economic opportunities."