The European Investment Bank (EIB) confirmed details of the first EIB support for forestry related investment in Ireland in 20 years. The new Euro 90 million long-term loan from the European Investment Bank will be used to finance the cost of planting, forest management and forest road construction and maintenance by Ireland’s state-owned, commercial forestry company Coillte over the next four years.

Timberlands

EIB confirms Euro 90 million backing for Coillte forest investment

The European Investment Bank (EIB) confirmed details of the first EIB support for forestry related investment in Ireland in 20 years. The new Euro 90 million long-term loan from the European Investment Bank will be used to finance the cost of planting, forest management and forest road construction and maintenance by Ireland’s state-owned, commercial forestry company Coillte over the next four years.

Under the new investment, more than 35,000 hectares will be replanted and more than 1,600 km of forest roads will be constructed and upgraded. The scheme will also improve maintenance of 1,000 km of publically accessible walking routes and mountain bike trails.

Coillte's Chief Executive Fergal Leamy said the new funding received from EIB combined with the refinancing arrangements secured with its five syndicate banks will be key in enabling the company achieve its strategic ambitions.