A deal has been reached with the European Investment Bank for a loan to help support the sustainable future of County Cork.

Cork County Council agreed a €35 million loan with EIB which will support the Council's Social Sustainability Investment Programme. It also represents the first element of an overall €50m loan facility which has been approved by EIB.

The Social Sustainability Investment Programme contains a portfolio of projects totalling in excess of €250 million and planned for delivery over an 8 to 10 year period. It will help maximise potential for growth under the National Planning Framework Project Ireland 2040 and ensure a sustainable future for the county.

Urban infrastructure and public spaces, public and culture buildings modernisation, flood protection and drainage, broadband and business incubation, walking/cycling facilities, flood prevention and adaptation to climate change are all expected to benefit from investment.

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Welcoming the announcement, Mayor of the County of Cork, Cllr Christopher O'Sullivan said: "Each of our key towns in County Cork has unique strengths and challenges. To provide the basis for vibrant towns, ready to embrace new lifestyles and work practices, a holistic programme of targeted investment is needed in the short to medium term. Traditional funding sources through department and other state agencies can be intermittent and fragmented which doesn't readily facilitate an overall, coordinated approach to capital works. This loan finance will be allocated to priority schemes that will make a significant contribution to sustainable growth and employment in the county."

Chief Executive of Cork County Council, Tim Lucey, added: "Cork has been set a target of delivering in the region of 23% of the State’s overall population growth by 2040. The future success of Cork County is contingent on a sustainable foundation, with a network of thriving towns, supporting their hinterlands and providing for balanced, sustainable growth. This demands coordinated, strategic planning and investment. In tandem with central government Urban and Rural Regeneration & Development funding streams, this €35 million loan agreement with the European Investment Bank will allow us to support a strategic investment programme, implement development plans, support communities and drive economic performance across the entire county."

Cork County Council is also close to finalising a further significant loan agreement for a further €34million with the Council of Europe Development Bank which will complement this initial agreement with the EIB.

(CM/JG)