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

By David Young

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.

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