Dáil Éireann Debate, Tuesday - 20 June 2017
1700. Deputy Charlie McConalogue asked the Minister for Agriculture, Food and the Marine the drawdown on European funding arising from approved projects included in Ireland's project list submitted to the EIB Commission member state special task force on developing an investment project pipeline in the EU that his Department contributed to. [28507/17]
Amharc ar fhreagra1701. Deputy Charlie McConalogue asked the Minister for Agriculture, Food and the Marine if his Department put forward no projects to the Department of Finance task force report for the European Fund for Strategic Investment in each year since it was established; and if no EFSI funding has been drawn down. [28508/17]
Amharc ar fhreagraI propose to take Questions Nos. 1700 and 1701 together.
In 2014, my Department contributed to a list of possible projects for the “EIB-Commission-Member State Special Task Force on developing an investment project pipeline in the EU". This was an indicative exercise and did not result in consideration or approvals of any of the possibilities outlined at that time.
Subsequently the EU Commission and the European Investment Bank (EIB) Group launched the “European Fund for Strategic Investments” (EFSI) to help overcome the current investment gap in the EU by mobilising private financing for strategic investments.
In December 2016, the EIB Group opened an office in Dublin and the Minister for Finance established an “EIB-Ireland Financing Group”, on which my Department is represented. Since then my Department has also had bilateral discussions with the EIB.
In January, I launched the Agriculture Cashflow Support Loan Scheme. The €25 million in public funding provided by my Department funds an interest rate subsidy and the guarantee, which is further supported by SBCI and the EIB Group through COSME (the EU programme for the Competitiveness of Enterprises and SMEs). This type of innovative risk sharing product is new to Ireland but common across Europe.
In February, the EIB confirmed a €90 million long-term loan to Coillte to finance the cost of planting, forest management and forest road construction and maintenance over the next four years.
My Department will continue to liaise with the EIB regarding suitable financing opportunities in the agrifood sector.
