Young farmers can avail of finance from the European Investment Bank (EIB), Macra na Feirme President Sean Finan has said.
The EIB is a bank owned by all Member States which invests in economic and social infrastructural projects and its Dublin office opened earlier this month.
“We welcome the unveiling of the Dublin EIB office and wish Cormac Murphy the best of luck in his new role as head of the EIB group office for Ireland.
“We look forward to working with the EIB Dublin office to identify and explore what options are available through the EIB for the establishment of a young farmer investment fund that will drive jobs and growth at farm level by providing competitive financial credit lines.”
Macra President Sean Finan, with Cormac Murphy
The EIB has potential to increase the competitiveness of lending in Ireland for specific projects that are linked to growth, productivity and investment and are financially and economically sound, according to Macra.
The Macra President said that credit is the life blood of any business and young farmers need access to affordable credit which will drive development and jobs in rural areas for the betterment of farm families and the economy.
The EIB’s lending activities cover the whole agri-food and fishery value chain, ranging from input and equipment supply to wholesale and retail networks.
The bank provides financing for investments that make a significant contribution to:
- more resource efficient agricultural and food production.
- improved or restored ecosystems.
- innovative solutions for current and future challenges in the sector, and/or the productive and sustainable use of by-products from agricultural or food production.
According to the EIB, it helps farmers to strengthen their overall productivity through enhanced access to finance for investments into good agricultural practices, infrastructure and modern technologies.