The European Investment Bank (EIB) is to provide Ireland with a 25 year loan for a social housing programme - the deal is expected to be worth €300m.

Minister for Environment, Community & Local Government, Alan Kelly, & Minister of State Paudie Coffey will announce the full details of the loan agreement later today.

Jonathan Taylor, EIB vice president spoke to Newstalk Breakfast - he will meet Minister Kelly later today:

"The loan should go towards social housing for residential accommodation - [though] I'm sure there will be other pars of the package that he Minster will want to touch on," he said.

"We're a triple-A rated institution, which means we can borrow at the finest rates. We're expected – and obliged – to pass on the full benefit of that to the people we lend to" - the EIB can provide better rates than anyone else in the market.

The funds will be managed here by the Housing Finance Agency.