Unprecedented funding of €1.6 billion for infrastructure and climate related measures in Ireland has been announced by the European Investment Bank.
EIB President and former deputy Spanish Prime Minister Nadia Calviño met Taoiseach Simon Harris and key Cabinet ministers yesterday.
Speaking afterwards, she said it was "extremely inspiring to see how our joint efforts with the Government of Ireland are really delivering results for citizens, on the ground".
"The partnership between the EIB and Ireland is truly special," she added.
Speaking on RTÉ's Morning Ireland today, Nadia Calviño said the funding will go to large projects like the Celtic Interconnector with France, but also to smaller projects including rolling out 2.4 million meters "so that every farm, every house, every business in Ireland can have energy efficiency".
She said the EIB is funding projects from very large infrastructure ones as well as small social ones "which are at the heart of our societies and our welfare".
In relation to housing, MS Calviño said the EIB has already invested around €1 billion in housing in Ireland.
She said the bank was not only working with Government departments but also with the agencies to put together different programmes to support Irish citizens, with the bank in particular focusing on getting younger people access to a house.
It is also focused on retrofitting existing houses so that people can have warmer houses with cheaper energy bills.
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Ms Calviño said the EIB is described as Europe's climate bank, and noted that 80% of its investments last year in Ireland were climate related, environmental protection investments.
"We're supporting the green transition. I think it's a no brainer that we have to make this a success - we need to support the green transition, not only thinking about future generations but also for our own security and strategic autonomy now", she stated.
Pressure from some member states for the EIB to start investing more in defence is clearly due to the current geopolitical context, she also said.
"We need to upgrade, we need to reinforce Europe, security and defence industry. It's our own resilience, it's contributing to peace and security in Europe and beyond," she stated.
"But going forward, our number one priority continues to be supporting climate action and being the climate bank, there's no doubt about that." she added.
She said that the EIB is not under pressure to do more in defence but she said "we're all quite wide awake and aware that right now and it is clear, we need to reinforce Europe, security and defence industry".
"Unfortunately, the geopolitical context is demanding us to do so. So, what we need to ensure is that we are really effective in this regard and that's what we are focusing on right now," she added.
Supporting Ukraine is also one of the EIB's top priorities and it has already invested €2 billion in in the country.
Ms Calviño said the EIB had recently signed a memorandum of understanding with the Prime Minister of Ukraine to accelerate support on the ground, adding that "this means rebuilding schools, rebuilding homes, energy infrastructures."
