The European Investment Bank expects to provide about €600 million to Ireland in low-cost lending this year, with a particular focus on providing funding for SMEs.

This would represent an increase of just under 19 per cent on the €505 million it provided for projects here in 2012.

The Luxembourg-based bank has an additional €60 billion to support projects across the EU over the next three years.

This follows a €10 billion capital injection last year by EU member states – including €56.7 million from Ireland – to give it the fire-power to fund the extra lending.

EIB vice president Jonathan Taylor told The Irish Times that lending to the SME sector would form a key part of its funding to Ireland this year.

“We’re looking to do more now with SMEs if we can,” he said.

“One gets the impression that there is demand for good quality SME lending out there.”

Projects

In recent years, the EIB has partnered with AIB, Bank of Ireland and Ulster Bank to distribute funding for SMEs.

This included €100 million in 2012 with AIB.

Mr Taylor said it would seek out “other partners” for its SME lending here.

The EIB is also expected to support a number of big-ticket projects.

Mr Taylor declined to identify which projects its might back but it has been linked with support for the development of the new Dublin Institute of Technology at Grangegorman, the Luas cross city light rail link up, and the installation of water meters across the country.

Mr Taylor will hold separate meetings today with the Minister for Finance Michael Noonan, the Minister for Public Expenditure and Reform Brendan Howlin, and the Minister for Jobs, Enterprise and Innovation Richard Bruton.

He will also meet with representatives of the National Treasury Management Agency and the National Pensions Reserve Fund.

The EIB provides low-cost funding to projects in the EU and other countries.

It has a AAA rating, which allows it to borrow at low rates of interest.

The benefit of these low rates is then passed on to the projects its supports.