ANNOUNCEMENT 15 Jun 2018

In June 2018, the European Investment Bank (EIB) signed a loan agreement with Irish Continental Group to support is water transport business.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

The European Investment Bank, Financed Projects, IRISH CONTINENTAL GROUP FERRY PROJECT II: http://www.eib.org/en/projects/loan/loan/20180024
The European Investment Bank, Project summary, IRISH CONTINENTAL GROUP FERRY PROJECT II: http://www.eib.org/en/projects/pipelines/pipeline/20180024
The European Investment Bank, press release of 22 January 2019, EUR 155 million EIB support for investment in two new cruise ferries by Irish Continental Group: http://www.eib.org/en/infocentre/press/releases/all/2019/2019-017-eur-155-million-eib-support-for-investment-in-two-new-cruise-ferries-by-irish-continental-group
Irish Continental Group: https://www.icg.ie/about/icg-at-a-glance/

Inception date: 15 Jun 2018 | Removal date: open ended
Still in force

State loan

On 15 June 2018, the European Investment Bank (EIB) and Irish Continental Group signed a loan agreement having a total value of EUR 80 million (approx. USD 93 million).

The loan will support the company's investments in a new cruise ferry with a capacity to transport 1800 persons. The Irish Continental Group (ICG) is a leisure, shipping and transport company with headquarters in Ireland. The company transports "passengers and cars, Roll-on/roll-off freight and container & Lift-on/lift-off freight on routes between Ireland, the United Kingdom and Continental Europe". 

The loan is the second transaction financed under the Green Shipping Loan Programme, see related state act. In November 2017, the EIB approved the first loan to the ICG under the programme, see related state act. 

In this context, the EIB stated in a press release: "New ICG cruise ferries, W.B. Yeats and a second new cruise ferry currently under construction will significantly increase capacity and support Ireland’s tourism and trading ambitions
Two new ICG cruise ferries part funded by EIB First ever support for ICG and first financing under EIB Green Shipping initiative"

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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