DLL and the European Investment Bank (EIB) have agreed a scheme worth €200m (£176m) to support Ireland’s leasing market.

The agreement, which will allow companies to access finance at discounted rates, is backed by a €100m loan from the EIB, with the other half being provided by DLL.

The scheme is aimed at SMEs and mid-caps active primarily in agriculture, food production, construction, transport and other business. It will be managed by DLL Ireland.

Andrew McDowell, EIB vice-president, said: “The European Investment Bank is pleased to strengthen successful cooperation with DLL to support new investment by Irish companies. Food, agri-business and construction companies across Ireland will be able to grasp new business opportunities and expand activity with the significant new financing being made available today.”

Fergal O’Mongain, group treasurer and country manager for DLL in Ireland, added: “DLL is committed to financing Irish companies, and has a global understanding of leasing and investment needs of smaller companies seeking to grow.  Partnership with the EIB will both increase available finance and reduce the cost of leasing for DLL’s Irish customers.”

Over the last few years, DLL and EIB have signed a number of multi-million financing agreements, aimed at the Dutch and the wider European leasing markets. In Ireland, the collaboration between the two kicked off this May, with a €50m fund to support SME investment in renewables.