The European Investment Bank is to lend a total
of €325m to the ESB (Electricity Supply Board) and UCD (University College
The EIB is the long-term financing institution of
the European Union and its mission is to help implement the EU's policy
objectives by financing sound business projects. The bank operates on a "not
for profit maximising" basis and borrows on the capital markets to finance
The EIB's vice-president Plutarchos Sakellaris
said today that the university project is aimed at making the university more
competitive in order to attract more students and more researchers.
UCD says the funding will be used to develop six
buildings, including the second phase of its Science Centre, a new School of Law
and refurbishment of student accommodation.
The ESB is set to sign a
new loan facility for €235m with the EIB that will be used to fund 'smart'
investment in Ireland’s electricity networks to improve transmission and
distribution links from wind farms and to integrate more renewables to the
The loan will provide 50% funding for an
investment programme of €470m, which is to be delivered by ESB Networks over
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