First ever EIB loan for an Irish Agri Foods Group announced

First ever EIB loan for an Irish Agri Foods Group announced

It was announced today that the European Investment Bank (EIB) has agreed to provide a €35m loan to enable the expansion and diversification of the Ballineen facilities of Carbery Group.

Carbery is an international dairy, ingredients and flavours business and is 100% owned by four Irish dairy cooperatives. This is the first ever EIB financing for Carbery Group and will support the construction of a new EUR 78 million manufacturing plant at Ballineen, that will enable the company to diversify its range of cheeses and produce mozzarella for export to a range of international markets.

The 12-year EIB loan to Carbery Group was formally agreed during a visit to the company’s West Cork headquarters in Ballineen by Andrew McDowell, Vice President of the European Investment Bank, responsible for agriculture and lending operations in Ireland.

Commenting on the investment, McDowell said, "Ireland is home to world class agriculture and food. The European Investment Bank is pleased to support new strategic investment by Carbery that demonstrates clear vision and resolve to continued international growth whilst addressing uncertainties related to Brexit."

Chief Executive Officer at Carbery Group, Jason Hawkins said, "Our latest investment is key for harnessing new international export opportunities and diversifying our product range. The EUR 35 million EIB backing, together with continued funding support from our other banking partners AIB, BOI, and Rabobank, will accelerate growth for Carbery and secure new markets for Irish dairy farmers."

Source: www.businessworld.ie