Latest news with #EIB
RTÉ News
42 minutes ago
- Business
- RTÉ News
Taoiseach hopes EU-US framework trade agreement 'signed off before the weekend is over'
Taoiseach Micheál Martin has said he hopes a framework trade agreement between the European Union and the United States can be "signed off before the weekend is over". Speaking in Luxembourg, Mr Martin said he would "welcome an end to the uncertainty" around the trade dispute between the bloc and the US. "The agreement will be a headline framework agreement," he said, adding that there will be detailed discussions afterwards in respect of many products. "I know there are intensive discussions ongoing and the reason for the intensity of those negotiations is to try to tie up as much as we can, and get certainty around the sectoral tariffs," said Mr Martin. "The European Union is not anxious for a retaliatory scenario, is not anxious to engage in a trade conflict with the United States." Meanwhile, the European Investment Bank is to provide a new €300m loan for water infrastructure projects in Ireland. The announcement was made this morning after a meeting between the Taoiseach and President of the EIB Nadia Calviño in Luxembourg. Mr Martin, attending a signing ceremony for the new loan at the EIB, said the bank was a "key partner for transformational investment across Ireland". He said the new investment will help Uisce Éireann to upgrade vital water infrastructure and that the loan aligned with the Government's new National Development Plan, announced earlier this week. The loan, signed in cooperation with the National Treasury Management Agency, is designed to enhance water security by extending water supply infrastructure and upgrading wastewater treatment plants. It also includes investments in stormwater drainage facilities to future-proof against more extreme periods of rainfall. Chris McCarthy, the chief financial officer of Uisce Éireann, said the investment will accelerate the development of Ireland's critical water services infrastructure. In recent years, the EIB has provided approximately €1 billion annually for public and private investment in water, housing and energy projects in Ireland.
RTÉ News
an hour ago
- Business
- RTÉ News
€300m EIB loan secured for water infrastructure projects
The European Investment Bank is to provide a new €300m loan for water infrastructure projects in Ireland. The announcement was made this morning after a meeting between Taoiseach Micheál Martin and President of the EIB Nadia Calviño in Luxembourg. Mr Martin, attending a signing ceremony for the new loan at the EIB, said the bank was a "key partner for transformational investment across Ireland". He said the new investment will help Uisce Éireann to upgrade vital water infrastructure and that the loan aligned with the Government's new National Development Plan, announced earlier this week. The loan, signed in cooperation with the National Treasury Management Agency, is designed to enhance water security by extending water supply infrastructure and upgrading wastewater treatment plants. It also includes investments in stormwater drainage facilities to future-proof against more extreme periods of rainfall. Chris McCarthy, the chief financial officer of Uisce Éireann, said the investment will accelerate the development of Ireland's critical water services infrastructure. In recent years, the EIB has provided approximately €1 billion annually for public and private investment in water, housing and energy projects in Ireland.
RTÉ News
2 days ago
- Business
- RTÉ News
Taoiseach to travel to Luxembourg for two-day visit
Taoiseach Micheál Martin is due to travel to Luxembourg to meet the country's Prime Minister Luc Frieden, as part of a two-day visit to the grand duchy. Both leaders will discuss economic issues, including European competitiveness and EU-US trade negotiations. They will also discuss the current situation in both Ukraine and Gaza. Speaking ahead of the visit, the Taoiseach said Ireland and Luxembourg have "a shared interest" in the competitiveness agenda and deepening capital markets in Europe. "Bilateral relations between Ireland and Luxembourg are excellent and we are like-minded partners on many issues," he added. Mr Martin and Mr Frieden will also discuss proposals for the EU's next seven-year budget for 2028 to 2034 following last week's draft proposal by the European Commission for a €2 trillion budget. Two-way trade between Ireland and Luxembourg is worth about €3.5 billion each year, a majority of which is attributed to financial services. Like Ireland, Luxembourg's open economy and relatively low corporate tax rates have attracted international financial institutions and global investment funds to domicile in the jurisdiction for decades. Both countries' economies would be highly susceptible to a US-EU trade war in the event that it spirals to include retaliatory tariffs on digital services. US President Donald Trump has threatened 30% tariffs on imported goods from the EU, if a trade deal is not struck by 1 August. But Reuters reported yesterday that US and EU officials are discussing a broad 15% tariff on EU imports. During his visit, the Taoiseach will also meet with representatives of Irish businesses in Luxembourg and hear from Irish community representatives. More than 2,500 Irish citizens live and work in Luxembourg, a community that has doubled in size during the past 10 years, according to Ireland's embassy to Luxembourg. Tomorrow, the Taoiseach will hold a meeting with Nadia Calviño, President of the European Investment Bank (EIB). They will discuss Ireland's ongoing partnership with the bank and its role in supporting European competitiveness by investing in infrastructure projects. Mr Martin described the EIB as a "valued partner" that finances approximately €1bn for water, housing and energy projects in Ireland each year.
Maroc
7 days ago
- Business
- Maroc
Morocco Boosts Connectivity and Attractiveness Through Royal Infrastructure Push
Under the leadership of His Majesty King Mohammed VI, Morocco has undergone a major transformation of its infrastructure, establishing itself as a key regional hub for connectivity, competitiveness, and trade. Thanks to a clear and ambitious Royal Vision, large-scale development projects have multiplied across key sectors including ports, airports, roads, railways, and logistics. This momentum reflects a strategic commitment to equipping the Kingdom with modern, high-performance infrastructure that supports economic growth, territorial integration, and social inclusion, while reinforcing Morocco's role as a strategic bridge between Africa, Europe, and the rest of the world. According to European Investment Bank (EIB) President Nadia Calviño, these initiatives are part of a broader model based on strategic planning, inclusive growth, and environmental transition—values driven by the Sovereign's vision. In an interview with MAP marking the celebration of Throne Day, she reaffirmed the EIB's support for the vision of His Majesty King Mohammed VI aimed at developing greener, more resilient, and sustainable infrastructure in Morocco. Tanger-Med: A World-Class Port Hub A crown jewel of Morocco's national port strategy, the Tanger-Med complex—launched in 2007 and expanded with Tanger Med 2—has become the leading port in both Africa and the Mediterranean in terms of container handling capacity, exceeding 10 million TEUs in 2024. As a powerful magnet for international investors, the port is a key link in the national logistics chain and an integrated industrial hub, hosting over 1,100 companies across various sectors. Meanwhile, the Dakhla Atlantic Port project, currently under construction, aims to equip the southern provinces with a strategic logistics infrastructure to drive economic development. Designed as a multifunctional port with industrial, commercial, and fishing capabilities, this future facility will boost regional integration, enhance trade with West Africa, and consolidate Morocco's maritime footprint along the Atlantic. In parallel, the Nador West Med project, located on the Mediterranean coast, strengthens the resilience and capacity of Morocco's national port system. With its deep-water terminal, the project aims to relieve congestion at Tanger-Med and support industrial development in the Eastern region by creating a new logistics and energy platform—complete with a free industrial zone and oil product storage infrastructure. Motorways and Expressways for Enhanced Mobility Morocco's highway network has expanded dramatically, growing from less than 100 km in 1999 to over 1,850 km today, connecting the Kingdom's main economic and urban centers. Major projects such as the Casablanca bypass, the widening of the Rabat-Casablanca axis, and the nearly completed Guercif-Nador motorway illustrate this ongoing momentum. At the same time, the rural road program has helped lift thousands of villages out of isolation, strengthening territorial cohesion and improving access to basic services. Air Transport: Modernized and Expanded Airports Morocco has also invested heavily in airport infrastructure. Facilities such as Marrakech-Menara, Fez-Saïss, Rabat-Salé, Agadir-Al Massira, and Casablanca's Mohammed V have all undergone major expansion and modernization to meet growing passenger demand. For example, the launch of a new terminal at Mohammed V Airport is set to boost its capacity to over 20 million passengers per year. Looking ahead, the National Airports Office (ONDA) has unveiled its ambitious 'Airports 2030' strategy, which aims to triple national airport capacity from 30 to 80 million passengers annually. The goal is to support Morocco's tourism, economic, and logistics ambitions—particularly as the Kingdom prepares to co-host the 2030 FIFA World Cup with Spain and Portugal. High-Speed Rail: A First for Africa Launched by His Majesty King Mohammed VI, the Al Boraq high-speed rail line marked a historic leap forward for Morocco and the African continent. Inaugurated in November 2018, the line connects Tangier and Casablanca in just 2 hours and 10 minutes—down from nearly 5 hours previously—and has become a powerful symbol of modernity that has transformed national mobility. Building on the success of the initial phase, the Sovereign has launched a new strategic extension between Kenitra and Marrakech. By combining innovation, territorial development, and economic competitiveness, the high-speed rail program reflects an ambitious vision for a connected, inclusive, and forward-looking Morocco. An Internationally-Recognized Model Morocco's proactive Royal Vision for infrastructure has earned the Kingdom consistent recognition across Africa and beyond. International rankings regularly place Morocco among the continent's leaders in logistics connectivity, road quality, port performance, and infrastructure efficiency. Under the leadership of His Majesty King Mohammed VI, Morocco has undertaken a deep transformation of its infrastructure—laying a solid foundation for sustainable, inclusive, and competitive development. These achievements, which open up significant opportunities for present and future generations, reflect a long-term vision centered on modernity, connectivity, and the Kingdom's strong integration into the global economy. MAP: 18 July 2025
Reuters
7 days ago
- Business
- Reuters
Morningstar Sustainalytics raises EU lending arm's ESG risk score over military funding
LONDON, July 18 (Reuters) - The European Investment Bank's 'risk' score has been revised up by leading ratings provider Morningstar Sustainalytics for a second time this year due to the European Union lending arm's increasing push into military funding. Recent decisions by EU leaders mean the EIB can now directly fund military equipment makers, having only last year introduced a so-called 'dual use' financing policy for technologies such as drones or targeting systems that can also have civilian uses. Amelia Peden, Sustainalytics' lead EIB analyst said its key environmental, social and governance (ESG) 'risk' score had now moved up to 5.2 from 5, due to defence now being one of its permanent policy goals, with no ceiling on funding either. "With these additional developments, the bank further increases its exposure to human rights and geopolitical risks," Peden said, "which may lead to stakeholder scrutiny, and the potential to affect its credit risk profile in the market." Despite the increase - which followed one in January which lifted it from 4.2 - the EIB's risk remains "negligible" on Sustainalytics' scoring system and is still one of the top scorers of the near 16,000 banks, companies and other entities it rates. The EU's lending arm has a balance sheet that runs to over a half trillion euros which is bigger than the World Bank's and is aiming to lend 100 billion euros ($116 billion) this year, including 3.5 billion euros for defence. ($1 = 0.8595 euros)
