Fingal County Council is to sign a €70million Framework Loan Agreement with the European Investment Bank (EIB), which will trigger a €180 million investment in capital spending.
Fingal County Council to sign historic €70m loan agreement with European Investment Bank
The funding will be used to kickstart strategic infrastructure projects within the county’s Capital Development Plan - writes dublinlive.ie.
The loan agreement represents the first EIB support for county-wide investment in partnership with an Irish local authority for more than a decade.
And Fingal says the loan will enable a step-change in economic growth prospects for the county, which has Ireland’s fastest-growing and youngest population.
The Framework Loan Agreement with EIB will give Fingal the capacity to borrow €70million over the next five years, which will be invested in capital projects in areas such as:
Transport, connectivity and housing land activation
Enterprise development and job creation including development of new industrial sites
Tourism promotion and visitor attractions including investment in historic properties and cycleways
Social and cultural facilities including libraries and facilities for the arts
EIB President Werner Hoyer and Vice President Andrew McDowell will join Mayor of Fingal Cllr Mary McCamley and Fingal county manager Paul Reid at a special ceremony in County Hall, Swords , this evening to sign the Framework Loan Agreement.
Speaking ahead of the ceremony, Mr Reid said: “The outlook for the Fingal economy is very positive at present and we have major plans for development across each of the key sectors.
"This funding will allow us to fast-track the delivery of our capital programme and safeguard the next phase of growth.”
Mayor of Fingal Cllr Mary McCamley welcomed the successful completion of negotiations between the council and the EIB and said it was a great deal for the county.
She added: “Myself and my fellow councillors gave approval to enter into this €70 million framework loan agreement at our November meeting and this investment means that we can now strategically develop infrastructure so Fingal can grow in a sustainable way.
"This will help us to improve Fingal as a place to live, work, visit and invest."
Speaking ahead of tonight's visit, the bank's vice president Andrew McDowell said: “Across Europe the EIB works with visionary regions and local authorities to accelerate transformational new investment to improve local services and enhance economic opportunities.
"The new €180 million partnership with Fingal to be announced this week follows intensive financial and technical due diligence.
"The EIB has been impressed by the broad scope and diverse impact of the proposals that are already been seen as a benchmark in other European cities. I look forward to seeing impressive plans turn to reality in the years ahead.”
The EIB is the European Union's long-term lending institution owned directly by the EU member states and the world’s largest international public bank.
It has provided more than €95billion for urban investment in the last five years, including crucial support for urban development, sustainable transport and social housing.
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