New €112m fund for forestry
The European Investment Bank (EIB) has backed an investment in Irish forestry that will see €112m provided to the industry in Ireland.
Under the terms of the scheme, the EIB will contribute €28.5m to the initiative that will provide investment to privately owned forests across Ireland.
Cheap loans will be provided to individuals engaged in direct land acquisition, lease contracts, afforestation and other forms of land management.
The Irish Strategic Investment Fund is the major contributor to the project and will provide €55m.
It will be the first deal of its kind to be supported by Dasos, a European forest investment fund. Dasos will address issues faced by small forests across Ireland and will help upgrade Ireland's forestry infrastructure during the campaign.
"This announcement today will help ensure that economic potential is realised by consolidating smaller forests under a single management plan.
"The mobilisation of timber from privately-owned forests is a key objective of my Department and this investment fund will make a significant contribution towards achieving this goal," said Minster of State for Food, Forestry and Horticulture, Andrew Doyle
The Dasos initiative intends to develop a professional portfolio of up to 15,000 hectares of forests across Ireland.