Opening of European Investment Bank office in Dublin expected to help construction sector

Opening of European Investment Bank office in Dublin expected to help construction sector

The European Investment Bank will open its first office in Dublin later this morning.

The Bank will give Irish companies a direct contact point for EU-supported financing solutions.

Loans for major projects that commercial banks are unlikely to take on will be made available at more favourable terms.

Andrew McDowell, Vice-President of the EIB, says an increase in Irish construction projects can be expected because of the attractive terms the Bank offers.

Mr McDowell said: "We borrow, ourselves, in the capital markets at very cheap rates and we pass on that financial advantage to our own clients and to our own customers.

"So as to try and make projects happen on a scale and on a timeframe that would simply not be possible were it not for the very attractive conditions that we attach to the loan."

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