European Investment Bank (EIB) and Ireland Strategic Investment Fund (ISIF) have teamed up to support funding initiatives to invest in privately owned forests in Ireland.

This is the first time to two groups will work together on an agricultural initiative. Forest investment fund Dasos is working to improve forest management while strengthening the wood supply for commercial projects.

“This significant investment in Ireland’s forestry sector will underpin continued expansion and development of the industry," Minister Andrew Doyle said. "The most recent forecast of timber production on the island of Ireland highlights the maturing nature of this sector where much of the states investment in past decades is now ready to be harvested. This announcement today will help ensure that this economic potential is realized by consolidating smaller forests under a single management plan. The mobilization of timber from privately owned forests is a key objective of my department and this investment fund will make a significant contribution towards achieving this goal.”
 
The Dasos project aims to create a professionally managed portfolio of 10,000 hectares of forest land to ensure a more predictable supply of wood in the future.

“Forestry is a natural asset class for long-term, patient capital investors like ISIF, and we are pleased to invest alongside Dasos and EIB in this initiative, which is very consistent with our mandate and with government policy," said Eugene O’Callaghan, director of ISIF. "It will create a better structure to support availability of timber from Ireland’s private forestry estate and will seek to support greater afforestation levels."