EIB approves €50m loan for Cork council
The European Investment Bank has approved a €50m loan to Cork County Council. The local authority will use the funds to undertake projects from the upgrade of cultural facilities to flood protection over the next number of years. The loan forms part of a planned €125m spend by the council.
Cork County Council has been in talks with the European Investment Bank (EIB) since last year regarding funding for its infrastructure projects. It has also been negotiating for a loan from the Council of Europe Bank. However, it's understood that no finance has yet been finalised with the latter.
The European Investment Bank confirmed that the loan it has approved is to help fund about €125m of works.
"The project chiefly addresses integrated urban development of the towns, upgrade of social and cultural facilities, improvements in urban mobility and environmental measures such as groundwater and flood protection," noted the bank.
Earlier this year, Cork County Council said that it's planning to borrow a total of €130m from the European Investment Bank and the Council of Europe Bank. It added that the money would be used to help finance a total of €244m of projects over the next decade.