The European Investment Bank has approved a loan of €70m to develop 14 Primary Care Centres throughout Ireland.

The EIB Board has earmarked the Irish Primary Care Centres as the first projects in Ireland expected to benefit from financing under the European Fund for Strategic Investment, a new initiative seeking to support €315bn of new investment across Europe and to be managed by the EIB.

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The announcement from the EIB means that a significant element of funding has been secured in principle for 14 sites, with work due to start in January 2016.

Planning permission is in place and depending on building size, some work will be completed in around 12 months. Plans are also underway for a further 20 centres outside of the PPP project, using more traditional forms of financing, such as Operational Lease or direct/own build.

(CD/JP)