Ireland has been given the biggest cash injection in almost 50 years to boost sustainable transport, housing and EV rollout.

The money comes from the European Investment Bank Group, which is providing €1.08 billion (£960m) of finance across Ireland. It’s thought this is the largest investment in Ireland since it joined the banking conglomerate in 1973.

The cash will boost 13 new projects including €260 million (£230m) for affordable housing, €35 million (£31m) for sustainable transport and a €40 million (£35m) loan, to finance the roll out of electric delivery vehicles in Dublin, Cork, Galway, Kilkenny, Limerick and Waterford. The rest of the billion euros will be spent in the wider community.

Andrew McDowell, European Investment Bank Vice President, said: “For the EIB what is even more important than the business volumes, has been the impact: a cleaner environment; more and better social housing; small businesses better prepared for Brexit; and Irish-owned and managed exporters driving economic growth and job creation through innovation.

“For 2020 and beyond, we will prioritise projects that support the EU’s and Ireland’s ambitious climate and clean energy targets.”