Brussels Daily
07 Aug 2018


Brussels Daily


Juncker Plan guarantees largest ever EIB support for agri-business in Ireland

The European Investment Bank (EIB) has signed a €40 million financing agreement with agri-technology company Devenish Nutrition which is guaranteed under the Juncker Plan’s European Fund for Strategic Investments (EFSI). The company, which is based in Belfast and has manufacturing sites across Ireland and other countries, will use the long-term financing for its research, development and growth plans. Thanks to the EIB’s investment, Devenish also secured two new commercial finance partners, Ulster Bank and Danske Bank, bringing their total financing injection to €118 million. Devenish aims to add over 100 new jobs to its current 450-strong international employee base by 2021. Commissioner Phil Hogan, responsible for Agriculture, said: “The Irish agri-business sector contributes enormously to the Irish economy and particularly to the rural economy. There are huge opportunities for companies like Devenish who have a vision for the future, but they are operating in a highly competitive environment, where investment, particularly in research and innovation is essential to maintain a competitive edge. Today’s announcement by the EIB under the Investment Plan for Europe is very welcome, coming at a time of some uncertainty for the Irish agri-business sector.  It is a strong statement of confidence in the resilience of the sector and its capacity to grow and reach its full potential. The EIB’s investment is an obvious statement of confidence in Devenish’s ambition, but it is also a very tangible vote of confidence in Irish agri-business and its potential to benefit from new and emerging global opportunities, particularly given the important emphasis that Devenish places on sustainability.Full press release can be found here.


Updated Blocking Statute in support of Iran nuclear deal entered into force

As the first batch of re-imposed US sanctions on Iran took effect, the EU’s updated Blocking Statute entered into force early today to mitigate their impact on the interests of EU companies doing legitimate business in Iran. The updated Blocking Statute is part of the European Union’s support for the continued full and effective implementation of the Joint Comprehensive Plan of Action (JCPOA) – the Iran nuclear deal, including by sustaining trade and economic relations between the EU and Iran, which were normalised when nuclear-related sanctions were lifted as a result of the JCPOA. A press release and a MEMO Q&A are available online, as well as the joint statement by High Representative/Vice-President Federica Mogherini and the Foreign Ministers of the E3 (Jean-Yves Le Drian of France, Heiko Maas of Germany, Jeremy Hunt of the United Kingdom) on the re-imposition of US sanctions due to its withdrawal from the JCPOA. You can find all relevant information on the updated Blocking Statute on a dedicated website here, and the Updated annex of the Blocking Statute, the Guidance note and the Implementing Regulation on the criteria are available online.


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