David Cullinane (Waterford, Sinn Fein) | Oireachtas source

The European Commission has published a report on the EU Urban Agenda Toolbox which looks at the workings of the European Investment Bank which does a similar job to the Strategic Innovation Fund. It discusses the building of a sustainable community. In a reference to the office in Poland it states the first time EIB bankers came to discuss the extension of the small metro system in Warsaw, they did not ask the questions the deputy mayor had expected to ask and the question a commercial banker would have asked, that is, whether the city would be able to pay back the EIB. The EIB wanted to know why the city needed a metro system. The report goes on to state the mayor was impressed by the fact that the EIB wanted to be sure the city was taking the right decision financially and in terms of EU policy goals. It states: "The EIB is not there to finance a project but to help solve the strategic challenges of the city". Once the EIB approves a project, one has real proof of the concept. It seems the Strategic Innovation Fund takes a different approach, with a very heavy concentration on a commercial return. I am not so sure that is the best approach to take. Has Mr. O'Kelly compared how the EIB sees investment as opposed to the NTMA?