European Investment Bank confirms multi-million backing for Irish forestry
Two separate announcements today has seen €200m in EU support for Irish forestry confirmed.
The European Investment Bank (EIB) and Ireland Strategic Investment Fund (ISIF) have agreed to back a new initiative expected to support €112m of new investment in privately owned forests across Ireland.
This new engagement with Dasos represents the first Irish agricultural project and the first forest project in Europe to be supported by the Investment Plan for Europe that seeks to unlock €315bln of new investment.
The project will see the EIB and the Ireland Strategic Investment Fund work together for the first time in the agriculture sector and support a €112m investment by Dasos, a specialist forestry investment fund.
The Ireland Strategic Investment Fund will provide €55 million and the EIB €28.5 million for this scheme.
Additional support is expected from other investors as the initiative progresses.
Pan-European forest investment fund Dasos will seek to address issues faced by small scale forests across the country by working to improve forest management and strengthen the supply of wood for commercial use.
The investment will support crucial upgrades to Ireland's forestry infrastructure through the consolidation of its management..