The west Cork-based Carbery group has secured a €35m loan from the European Investment Bank (EIB) to help support the development of its €78m mozzarella plant in Ballineen.

The 12-year loan is the first of its kind awarded by the EIB to an Irish agri-business and has been funded through the EIB's €400m agriculture and bioeconomy financing programme.

Carbery receive €35m loan from European Investment Bank. EIB vice-president Andrew McDowell and Carvery CEO Jason Hawkins.

“The €35m EIB backing, together with continued funding support from our other banking partners AIB, BOI, and Rabobank, will accelerate growth for Carbery and secure new markets for Irish dairy farmers,” said Carbery Group chief executive officer Jason Hawkins.

“That Carbery has secured the first ever European Investment Bank financing for an Irish agri foods business is a vote of confidence in Carbery and Irish agriculture.”

EIB vice-president Andrew McDowell said that Ireland was home to “world-class agriculture and food” and that the EIB was pleased to support the investment by Carbery.

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