EIB Vice President’s Visit to Ireland Focuses on Social Housing and Green Investment

EIB Vice President’s Visit to Ireland Focuses on Social Housing and Green Investment

(IN BRIEF) EIB Vice President Ioannis Tsakiris visited Ireland to discuss key investment priorities with Finance Minister Jack Chambers, focusing on social housing, energy efficiency, and innovation. They reviewed the impact of the €1.6 billion EIB investment from 2023 and explored future projects, including offshore wind infrastructure and business innovation. The visit also highlighted the EIB’s new task force dedicated to affordable housing. Tsakiris toured several major EIB-backed projects, including UCD’s campus and Dublin Port, emphasizing the bank’s role in supporting Ireland’s green and digital transitions.

(PRESS RELEASE) LUXEMBOURG, 12-Sep-2024— /EuropaWire/ — European Investment Bank (EIB) Vice President Ioannis Tsakiris concluded his inaugural visit to Ireland, underscoring the deepening collaboration between Ireland and the EIB. During the two-day visit, Irish Finance Minister Jack Chambers and Vice President Tsakiris discussed new investment opportunities and reviewed ongoing initiatives aimed at bolstering Ireland’s infrastructure, energy transition, and innovation sectors.

Among the key priorities outlined were social housing, energy efficiency, and education projects. The discussions followed the significant €1.6 billion investment provided by the EIB in 2023, which has been instrumental in advancing social and economic initiatives across the country. The visit also provided an opportunity to spotlight the EIB Group’s recent focus on social housing through its newly established task force, aimed at addressing housing challenges in Europe.

Minister Chambers emphasized the vital role of EIB partnerships in creating financing opportunities that support Ireland’s goals for sustainable growth, while Vice President Tsakiris highlighted the EIB’s commitment to fostering innovation and providing technical expertise to advance Ireland’s green and digital initiatives.

During his visit, Vice President Tsakiris announced further EIB support for Ireland’s offshore wind development through port infrastructure investments. Additionally, the EIB reaffirmed its commitment to supporting business innovation through collaborations with the European Investment Fund and the Strategic Banking Corporation of Ireland (SBCI).

Site visits to key projects, including the University College Dublin campus, Dublin Port, and a social housing initiative, provided a tangible view of the impact EIB investments are having on the ground. As housing remains a strategic priority, this visit marks a step forward in enhancing affordable housing solutions in Ireland and across Europe.

The strengthened ties between Ireland and the EIB are set to continue fostering sustainable investments, driving Ireland’s transition to a greener, more innovative economy.

Background information

EIB Group

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investment contributing to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing in 2023 – 90% of it in the European Union.  These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support  €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

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SOURCE: European Investment Bank