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Irish SMEs boosted by EIB loan

The European Investment Bank (EIB) will support Irish small and medium sized enterprises (SMEs) with a 100 million euro facility arranged and to be provided through AIB (Allied Irish Banks). The finance will be lent by AIB for capital investment by industrial and service SMEs...

The European Investment Bank (EIB) will support Irish small and medium sized enterprises (SMEs) with a 100 million euro facility arranged and to be provided through AIB (Allied Irish Banks). The finance will be lent by AIB for capital investment by industrial and service SMEs. The facility will also provide long term loans, for up to 25 years, to finance infrastructure projects in sectors such as transport, energy, environment, urban regeneration, education and health. The AIB can use the facility primarily throughout Ireland, but also in the UK and other countries of the EU. Commenting on the loan, EIB Vice President, Michael Tutty, said: 'This financing arrangement is an important additional facility for Irish businesses and will support an increase in the productive and competitive capacity of SMEs. Such investment is crucial for competitiveness as well as for job creation and the continued growth of indigenous local enterprises, particularly in less-developed regions.'

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