The Council of Europe Development Bank (“CEB”) will provide a €41m loan to Ireland to finance up to 50% of the capital costs of the new national children detention facility in Oberstown, Co. Dublin and a new prison in Cork. Both projects are expected to significantly improve public infrastructure by replacing the existing unsuitable facilities.
This financing was arranged by the National Development Finance Agency (“NDFA”), an agency within the National Treasury Management Agency, in consultation with the Irish Prison Service, the Irish Youth Justice Service and the Department of Public Expenditure and Reform / Department of Finance.
The financing has continued the NDFA’s ongoing engagement with multilateral funders in order to maximise the availability of cost effective funding for Irish infrastructure projects and builds upon a number of financings secured from the European Investment Bank in recent years.
The CEB is a multilateral development bank with a social vocation. It provides finance for projects in four key sectoral lines, including investment in supporting public infrastructure with a social vocation, namely the health, education and justice sectors.
The CEB has a current credit rating of Aaa (Moody’s) and AA+ (S&P).