Connect with us

Agriculture

#JunckerPlan guarantees largest ever #EIB support for agri-business in Ireland

SHARE:

Published

8 years ago

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.


The European Investment Bank (EIB) has signed a €40 million financing agreement with agri-technology company Devenish Nutrition which is guaranteed under the Juncker Plan's European Fund for Strategic Investments (EFSI).

The company, which is based in Belfast and has manufacturing sites across Ireland and other countries, will use the long-term financing for its research, development and growth plans. Thanks to the EIB's investment, Devenish also secured two new commercial finance partners, Ulster Bank and Danske Bank, bringing their total financing injection to €118 million. Devenish aims to add over 100 new jobs to its current 450-strong international employee base by 2021.

Agriculture Commissioner Phil Hogan said: "The Irish agri-business sector contributes enormously to the Irish economy and particularly to the rural economy. There are huge opportunities for companies like Devenish who have a vision for the future, but they are operating in a highly competitive environment, where investment, particularly in research and innovation is essential to maintain a competitive edge. Today's announcement by the EIB under the Investment Plan for Europe is very welcome, coming at a time of some uncertainty for the Irish agri-business sector.  It is a strong statement of confidence in the resilience of the sector and its capacity to grow and reach its full potential. The EIB's investment is an obvious statement of confidence in Devenish's ambition, but it is also a very tangible vote of confidence in Irish agri-business and its potential to benefit from new and emerging global opportunities, particularly given the important emphasis that Devenish places on sustainability."

Share this article:

Share this:
Related Topics:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Advertisement

Trending