Cork County Council secures €35m loan from European Investment Bank – for a range of programmes

28 November 2019
By Elaine Murphy
elaine@TheCork.ie

Pictured signing the Contracts are, Tim Lucey, Chief Executive Cork County Council, Andrew McDowell, EIB Vice President with Cllr Christopher O’Sullivan, Mayor of County Cork, during the Cork County Council, Investment Programme, Finance Contract Signing, at Cork County Council Headquarters, County Hall, Carrigrohane Road, Cork.

European Investment Bank backs €35 million social and climate investment across Cork County

The European Investment Bank today signed a €35 million loan agreement with Cork County Council to support the Council’s 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 €250 million have been identified by Cork County Council and planned for delivery over an 8 to 10 year period. In order to deliver on this programme the Council has been in discussions with the European Investment Bank (EIB) and today saw the first of these Loan Finance Contracts agreed between the EIB and Cork County Council.

Chief Executive of Cork County Council, Tim Lucey, commented, “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 & Development funding streams, this €35 million 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.”

Mayor of the County of Cork, Cllr Christopher O’ Sullivan welcomed the announcement saying, “Each of our key towns in County Cork has unique strengths and challenges. To provide the basis for vibrant towns, ready to embrace new lifestyles and work practices, a holistic programme of targeted investment is needed in the short to medium term. Traditional funding sources through department and other state agencies can be intermittent and fragmented which doesn’t readily facilitate an overall, coordinated approach to capital works. This loan finance will be allocated to priority schemes that will make a significant contribution to sustainable growth and employment in the county.”

“Thriving local communities are key for sustainable growth and this new cooperation provides a model for successfully scaling up investment to tackle local challenges. The new €35 million loan agreed today represents the first ever European Investment Bank support for social and environmental investment across County Cork and reflects the vision and ambition of the Council’s Social Sustainability Programme. It is a pleasure to be back in Cork to hear how this new partnership will accelerate priority investment to transform sustainable transport, improve flood protection and upgrade community facilities in market towns and rural villages across Ireland’s largest county. The European Investment Bank looks forward to further strengthening cooperation with local authorities across Ireland to unlock investment that improves communities and economic opportunities.” said Andrew McDowell, European Investment Bank Vice President.
Urban infrastructure and public spaces, public and culture buildings modernisation, flood protection and drainage, broadband and business incubation, walking/cycling facilities, flood prevention and adaptation to climate change are all expected to benefit from investment.

The loan agreement between Cork County Council and the European Investment Bank was signed today in County Hall with Cork County Council Chief Executive Tim Lucey and EIB Irish Vice-President Andrew McDowell in attendance.

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

Pictured speaking is Andrew McDowell, EIB Vice President, during the Cork County Council, Investment Programme, Finance Contract Signing, at Cork County Council Headquarters, County Hall, Carrigrohane Road, Cork.
Picture: Jim Coughlan
Pictured with the signed contracts, Andrew McDowell, EIB Vice President, Cllr Christopher O’Sullivan, Mayor of County Cork and Tim Lucey, Chief Executive Cork County Council, also included are members of Cork County Council and the EIB, after the Cork County Council, Investment Programme, Finance Contract Signing, at Cork County Council Headquarters, County Hall, Carrigrohane Road, Cork.
The European Investment Bank today signed a €35 million loan agreement with Cork County Council to support the Council’s Social Sustainability Investment Programme. This represents the first element of an overall €50M loan facility which has been approved by EIB.
Picture: Jim Coughlan
Pictured (front row) signing the Contracts are, Tim Lucey, Chief Executive Cork County Council, Andrew McDowell, EIB Vice President with Cllr Christopher O’Sullivan, Mayor of County Cork, with (back row) Louis Duffy, Patrica Liddy, Niall Healy, all Directors of Service Cork County Council, Kadir Bachcecik, EIB, Michael Lynch, Director of Service Cork County Council, James Fogarty, Clodagh Henehan, both Divisional Managers Cork County Council, Kevin Morey, County Engineer, John Conroy, Senior Executive Engineer, Loraine Lynch, Head of Finance Cork County Council, Cormac Murphy, EIB and Sharon Corcoran, Director of Service Cork County Council.
Picture: Jim Coughlan
Pictured with the signed contracts, Andrew McDowell, EIB Vice President, Cllr Christopher O’Sullivan, Mayor of County Cork and Tim Lucey, Chief Executive Cork County Council, after the Cork County Council, Investment Programme, Finance Contract Signing, at Cork County Council Headquarters, County Hall, Carrigrohane Road, Cork.
Picture: Jim Coughlan
Pictured speaking is Cllr Christopher O’Sullivan, Mayor of County Cork, during the Cork County Council, Investment Programme, Finance Contract Signing, at Cork County Council Headquarters, County Hall, Carrigrohane Road, Cork.
Picture: Jim Coughlan
Pictured speaking is Tim Lucey, Chief Executive Cork County Council, during the Cork County Council, Investment Programme, Finance Contract Signing, at Cork County Council Headquarters, County Hall, Carrigrohane Road, Cork.
Picture: Jim Coughlan

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