Leading Irish agri-Tech business provides €118 in financing from the European investment Bank

  • Leading Irish agri-Tech business provides €118 in financing from the European investment Bank
    FarmIreland.t. E.
    Belfast-based agri company technology power date secured € 118 million long-term financing from the European investment Bank (EIB) to support their research development plans and growth.
    https://www.independent.ie/business/farming/agri-business/leading-irish-agritech-business-secures-118-in-funding-from-european-investment-bank-37192691.html
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Belfast-based agri company technology power date secured € 118 million long-term financing from the European investment Bank (EIB) to support their research development plans and growth.

Investments the EIB is the world’s largest support agribusiness in Ireland the EIB. It is also the first support for the agribusiness sector in the country as part of the investment plan for Europe which the European Commission and the EIB are strategic partners.

Investments the EIB was combined with obligations due to the commercial Finance partners date, Ulster Bank and Danske Bank.

The EIB loan will allow date to develop a purpose-the global innovation center in dowth, County Meath, from which it will develop and demonstrate her health – from the soil to the study of society, development programs and innovation activities.

It will also Finance innovative projects related to capital and research optimization of animal nutrition, innovation food, health and sustainability.

By 2021, the date is supposed to increase the turnover of over 100 million pounds to about £315m and add more than 100 new jobs in the current 450-strong employee base. Dual support from the Ulster Bank and Danske Bank will fuel this growth.

Richard Kennedy, chief Executive officer of the group date said,”“these funds will be invested in the business to build and grow our research and development and manufacturing capabilities, and to facilitate our efforts to unite and takeover.

“We are proud of the fact that the EIB has the confidence to support not only the future date, but the future of Irish cuisine of the agricultural sector as a whole.

“Development of new food products of animal and research to improve soil health, animal health, human health and environmental sustainability are critical components to the success of agriculture and food worldwide,” said Mr. Kennedy.

The European Commissioner for agriculture Phil Hogan added that this statement can only be welcomed, as it “occurs at the moment of some uncertainty for the Irish agricultural sector”.

“The EIB investment is an obvious statement of confidence in the data ambitions, but it is also a very tangible vote of confidence in Ireland’s agri-business and its potential to benefit from new global opportunities, especially given the importance that the date is self-sustaining,” said the Commissioner.

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