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President of the European Investment Bank (EIB) Mr Werner Hoyer today visited Dublin and met with Taoiseach Enda Kenny and Cabinet Ministers. View a clip from the press briefing held with the Taoiseach below...

While in Dublin Mr Hoyer announced that the EIB is providing a €100 million loan to support the Department of Education and Skills’ capital investment programme.

Education Minister Ruairi Quinn welcomed the decision:

This decision... is a very clear signal of the Bank’s renewed confidence in the Irish State and our recovery programme.

The loan will prove immensely beneficial in enabling my Department to implement our five year school building programme in the most cost effective manner for the taxpayer.

I want to thank the EIB and President Hoyer for their co-operation and goodwill and I look forward to continuing our engagement with the bank.

It is expected that the EIB loan will be used in the construction and upgrading of 35 primary and 12 second level schools around the country.

The European Investment Bank is the long-term lending institution of the European Union. It is owned by the Member States of the Union.

Werner Hoyer, President of the EIB, said

Without a good education, Europe’s children will not be able to compete in a global economy. This new funding, to provide thousands of places in Irish schools, will directly benefit children across Ireland and improve the quality of their education. The European Investment Bank is pleased to work closely with the Department of Education and Skills to address the pressing need to increase school capacity in Ireland to match increased pupil numbers.

Watch the press briefing held by Finance Minister Michael Noonan and Public Expenditure Minister Brendan Howlin with President Hoyer below...