The European Investment Bank (EIB) has agreed to lend up to €30m to Finnish dairy company Valio for research and development investments related to nutrition, functionality and healthy dairy products.

EIB vice-president Ambroise Fayolle, said “supporting research, development and innovation with a substantial health impact is a key priority”. Valio, with a 2bn litre milk pool and sales of €1.7bn in 2015, has led the way in the development of lactose-free dairy products.

Last month, the EIB confirmed a €90m loan to the State-owned forestry group Coillte. It also teamed up with the Ireland Strategic Investment Fund (ISIF) to back a €112m investment in privately-owned forests across the country.

The EIB also supported the Strategic Banking Corporation of Ireland (SBCI) – the source of funds for the Government’s recent low-cost loan scheme.