Government to launch borrowing agency

The Government is set to launch the National Development Finance Agency (NDFA), which has been established to provide private sector funds for road-building and other infrastructure projects.

Officials at the Department of Finance said last night, November 7th that the new agency will be staffed by experts, who have experience in dealing with company finance and business risk, and have the ability to deliver large building projects.

The Agency will advise the Government on how to borrow at the lowest rates and to manage the debts in the future. The Agency is aiming to borrow euro 10 billion over the next five years.

However, doubt hangs over the establishment of the NFDA. The Luxembourg based EU statistics services, Eurostat, has queried the establishment of a similar agency in Portugal.