AIB IS TO invest €250million in the Agri-sector.
The bank announced today that its Agri Investment Programme will see €100 million being put into on-farm capital investment, €100 million for working capital and €50 million for asset finance.
The on-farm capital investment will be available to farmers who want to expand their farm or begin an upgrade initiative.
The working capital component, meanwhile, will be to assist the management of seasonal funding requirements such as buying feed or fertiliser. The asset finance component will involve a dedicated fund that can be used for hire purchase, equipment lease and farm vehicle lease.
AIB Chief Executive, David Duffy said the announcement “represents a major boost for Irish farming and demonstrates AIB’s commitment to assisting the Agri-sector develop its enormous potential”.
The provision of an investment programme of significant scale at this time is very appropriate in that it will facilitate investment in line with the Government’s Harvest 2020 Strategy allowing farmers to more fully exploit the opportunities that lie ahead.
The Minister for Agriculture, Food and the Marine, Simon Coveney said:
The agri-food sector has proven itself resilient throughout current economic difficulties and initiatives such as the AIB Agri-Fund must be welcomed in its obvious capacity to ensure greater access to adequate funding for viable farm enterprise propositions.
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