The Luxembourg-based European Investment Bank (EIB) expects to open its first permanent presence in Ireland later this year.
The plans were confirmed by Andrew McDowell, the bank's new vice president responsible for Ireland, during his first working visit to Dublin since assuming office earlier this month. McDowell is Taoiseach Enda Kenny’s former chief economic advisor, whose appointment caused a row in Government when it was proposed earlier this year.
McDowell said the EU-backed bank had played a key role in supporting Ireland’s economic recovery and unlocking new investment across the country for the last four decades. "The new Dublin office will ensure that formal and informal links between Irish authorities and private sector partners build on this track record to ensure that opportunities to broaden EIB engagement are not lost,” he added.
The new office is expected to be opened before the end of the year. The bank says it will enable greater contact with potential and existing borrowers, and with public bodies, local authorities and businesses.
McDowell was speaking alongside Public Expenditure Minister Paschal Donohoe at an Investing in Ireland’s Infrastructure conference, hosted by the European Movement Ireland.
Over the last five years the EIB has provided more than €3.6 billion for investment to improve transport, education, rural internet and flood protection across Ireland.