The European Investment Bank (EIB) is investing €70 million in the construction of 14 new primary-care centres in the Republic.

The long-term, low-interest loan will take the form of a partnership with the Department of Health and private investors.

The project is expected to cost €142 million and is one of the first to be financed under the European Fund for Strategic Investments (EFSI) initiative, which aims to support investment across Europe.

The EIB funding represents up to half of the money required. The money will come from the EIB and the European Investment Fund in the form of a low-interest €70 million loan.

Work on the new centres is due to start next January.

More than 1,000 potential projects have been identified by the European Commission for inclusion in its €315 billion investment programme.

The new integrated primary-care centres are expected to bring better health outcomes at a lower cost, lower waiting times and a better working environment.

Approval of the first EFSI earmarked projects and transactions comes four months after commission president Jean-Claude Juncker announced the investment plan.

The initiative will be managed by the EIB, Europe’s long-term lending institution owned by the 28 EU member states, and the EIF, the risk- financing arm within the EIB.

The EIB’s first earmarked projects include investment in healthcare research in Spain, expansion of a key airport in Croatia and backing for industrial innovation in Italy.

The EIB board approved loans totalling up to €300 million for projects expected to be financed under the EFSI initiative that will support overall investment of about €850 million for public and private sector projects.

Further operations expected to be submitted to the EIB board in the coming months include renewable energy and energy efficiency projects; support for research, development and innovation; digital and social infrastructure projects; and more SME lending.