Farmers are to receive cheaper loans over a longer periods of time to help with the development of farm buildings and provide more investment for equipment.

The funding has been made available as a result of a new of understanding agreed between the EU and the European Investment Bank.

Fine Gael TD for Wicklow, Andrew Doyle, welcomed the news and said sccess to funds is an ongoing issue for farmers, particularly now as they prepare for the end of the milk quotas as farmers seek to invest.

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Mr Doyle said: "The funds will be available for farmer and co-op investments linked to the Government's Rural Development Programme and farmers are free to apply for loans to invest in farm performance, processing, marketing and in business start-ups.

"This funding will also be of major benefit to new farmers trying to establish themselves in the sector.

"Farmers have traditionally invested extremely well to grow their industry, and I have no doubt that this initiative will allow for further growth in what is one of the most important industries in the country."

(CD/IT)