European Investment Bank and DLL Confirm €200 Million Support For Irish Business Investment
Companies across Ireland are expected to benefit from cheaper financing following a new €200 million initiative agreed by the European Investment Bank and DLL, a global vendor finance company and 100% subsidiary of Rabobank. The new scheme will strengthen leasing and financing for SMEs and mid-cap companies active in agri-business and the food industry, construction, transport and other sectors.
The scheme will be managed in Ireland by DLL Ireland DAC. It will be supported by a €100 million EIB loan with additional financing matched by DLL. This represents the largest EIB support for investment by Irish companies with a commercial financing partner for six years.
“The European Investment Bank is pleased to strengthen successful cooperation with DLL to support €200 million of new investment by Irish companies. Food, agri-business and construction companies across Ireland will be able to grasp new business opportunities and expand activity with the significant new financing being made available,” said Andrew McDowell, European Investment Bank Vice President.
“DLL is committed to financing Irish companies and has a global understanding of leasing and investment needs of smaller companies seeking to grow. Partnership with the EIB will both increase available finance and reduce the cost of leasing for DLL’s Irish customers,” said Fergal O’Mongain, Group Treasurer & Country Manager Ireland of DLL.
The new programme follows the successful roll out of DLL financing backed by €25 million, for climate impact projects, from the EIB earlier this year. The European Investment Bank is the world’s largest international public bank and last year the EIB Group provided a record €33 billion for SME financing that benefited of 300,000 companies worldwide.
CAPTION:
Pictured (from left to right) are: Fergal O’Mongain, country manager Ireland for DLL, and Andrew McDowell, EIB Vice President.
