MEP’s call on timeline for financial instruments
Ireland South MEP Sean Kelly said this would be a “vital boost” to young farmers, in particular, who are facing significant difficulties with high interest rates.
“There is a real need to improve access to finance for farmers by way of cheaper loans and this can be done by modifying the Regional Development Programme to set aside money for a guarantee fund, lowering the risk for lenders,” he said.
Mr Kelly said he is pleased the Department is engaging with the European Commission, the European Investment Bank and other institutions to identify how to implement the financial instruments.
Financial instruments are designed to increase the total amount of investments in rural areas by also attracting investments from other sources.
Mr Kelly said Ireland should follow in the footsteps of other EU member states who have already implemented these instruments.
