AIB has launched a €350m New Homes Development Fund to support the construction and supply of new homes in the cities and suburbs of Dublin, Cork and Galway.

The fund, developed to address the growing shortage in residential housing in these urban areas, will be available to borrowers who can demonstrate prior experience in residential development.

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New and existing AIB customers are invited to apply for new home development funding which is available from today. The fund is expected to significantly boost job creation in the construction area.

AIB has deployed a team of specialists in each of the three regions who will be available to support applications for funding.

In addition to this, AIB is making mortgage funding available to match demand in the market.

Head of Business Banking at AIB, Ken Burke said: "AIB recognises the acute shortage of available housing in key locations around the country and this €350m fund will support experienced operators in constructing quality housing units to help meet demand."

(CD/MH)