ESB and UCD borrow €325m

THE ESB and UCD agreed loans worth €325 million from the European Investment Bank yesterday in what is the first borrowing from the EU governments-owned bank this year.

The bank, that last year lent €62 billion for projects in the EU, said it will make several million euro available next month for small businesses through AIB and Bank of Ireland. These loans were delayed until legislation giving the EIB preferred creditor status was passed by Dáil.

The loan of €235 million to the ESB will provide 50% of the funding for ESB Networks to deliver smarter and more sustainable electricity network infrastructure over the next two years.