Council gets €50m European Bank loan approval

December 14th, 2019 11:55 AM

By Southern Star Team

At the contract signing were Tim Lucey, chief executive, Cork County Council; Andrew McDowell, EIB vice-president and county mayor Cllr Christopher O’Sullivan. (Photo: Jim Coughlan)

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THE European Investment Bank has signed a €35m loan agreement with Cork County Council to support their Social Sustainability Investment Programme.

This represents the first element of an overall €50m loan facility which has been approved by EIB.

The Council has developed a Social Sustainability Investment Programme to maximise potential for growth under the National Planning Framework Project Ireland 2040 and ensure a sustainable future for Cork county.

A broad-ranging portfolio of projects totalling in excess of €250m have been identified by local authority and planned for delivery over an eight to 10 year period. In order to deliver on this programme the Council has been in discussions with the European Investment Bank (EIB) and this week saw the first of these Loan Finance Contracts agreed between the EIB and Cork County Council.

Chief Executive of Cork County Council, Tim Lucey, said: ‘Cork has been set a target of delivering in the region of 23% of the State’s overall population growth by 2040.

‘The future success of Cork County is contingent on a sustainable foundation, with a network of thriving towns, supporting their hinterlands and providing for balanced, sustainable growth.

This demands coordinated, strategic planning and investment. In tandem with central government Urban and Rural Regeneration and Development funding streams, this €35m loan agreement with the European Investment Bank will allow us to support a strategic investment programme, implement development plans, support communities and drive economic performance across the entire county.’

Cork County Council is also close to finalising a further significant loan agreement for a further €34m with the Council of Europe Development Bank which will complement this initial agreement with the EIB.

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