Noonan bids for €1bn in annual funding

Ireland hopes to secure up to €1bn per year in funding from the European Investment Bank after EU leaders agreed last week to boost the bank’s capital, Finance Minister Michael Noonan said yesterday.

Last week’s European summit agreed to increase the EIB’s capital by €10bn by the end of the year, boosting its lending capacity by €60bn to help stimulate the European economy.

The EIB has committed to provide up to €500m per year in funding to Ireland, but the Government hopes to double that, Mr Noonan said after a meeting with Werner Hoyer, the president of the EIB.