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EU referendum: Brexit 'will hit infrastructure investment' in Northern Ireland

By David Young

Published 09/06/2016

Investment in Northern Ireland's infrastructure could be in danger in the event of Brexit, according to a leading bank official
Investment in Northern Ireland's infrastructure could be in danger in the event of Brexit, according to a leading bank official

Current infrastructure investment in Northern Ireland by the European Investment Bank (EIB) is unlikely to be sustained in the event of a Brexit, one of the bank's most senior figures has warned.

Jonathan Taylor, vice president at the bank, acknowledged that the lender does offer credit to projects in non-EU states, but he stressed the cash was only a fraction of that invested in member nations.

Mr Taylor was in Northern Ireland to announce the approval of £280m worth of credit for the construction of new social housing schemes by Apex, based in Londonderry, and Belfast-based Choice.

He said the EIB invested £5.6bn in 40 projects across the UK in the last year - the largest sum since the bank began lending in 1973.

The self-financing bank is owned by the EU member states and raises money in global capital markets which it then offers on as long-term loans.

Belfast Telegraph

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