Bank of Ireland has announced the provision of €200 million in additional lending facilities for the agricultural sector.

The €200 million Agri Farm Investment Fund was announced by the bank’s head of business banking, Mark Cunningham, at the Institute of International and European Affairs’ conference on the Irish agri-food sector.

The €200 million fund represents a significant increase on the bank’s level of lending to the farming community, which currently stands at about €1 billion.

Mr Cunningham said the number of approved credit applications had increased compared to 2010.