In order to build on the EIB’s long-standing support for economic expansion, the group will meet for the first time outside of Dublin with Ministers to discuss potential investments and best-practice collaboration.

The EIB will contribute EUR50m (£42m) to the construction of Cork University Business School (CUBS), a new campus being built in the centre of Cork City.

It is the first time the EIB has specifically supported business school investment in Ireland.

Michael McGrath, T.D., minister of finance and governor of the European Investment Bank said: “UCC’s global ambition will deliver real benefits to Ireland. The EIB’s vote of confidence in UCC and first dedicated support for business school investment in Ireland allows the development of world-leading business school in the heart of Cork City.

“Once again the EIB has enabled long-term investment to transform academic, research and education facilities in Ireland alongside driving sustainable growth and supporting key sectors, improving services and strengthening economic opportunities for people across Ireland.”

McGrath underlined EUR1bn commitment the EIB Group has made to Ireland in 2022.

He also welcomed the hiring of Kevin McKeon as the new head of the EIB Dublin office.

McKeon will be essential in coordinating the work of both the EIB and EIF in Ireland.

His extensive background will be useful in successfully implementing programmes that impact the economy, society, and environment.

Additionally, he will strengthen the EIB’s partnership with Irish institutions.

Ricardo Mourinho, European Investment Bank vice president stated: “Here in Cork, I confirmed to Ministers that the EIB Group’s commitment to Ireland remains strong, as demonstrated by our substantial EUR1bn engagement last year. This significant support reflects our confidence in Ireland’s future and our desire to contribute to its prosperity.”