Silicon Valley Bank (SVB) has announced it will lend $100 million to the Irish innovation sector as part of a new partnership with the National Pensions Reserve Fund (NPRF).

According to Reuters, SVB intends to invest in Ireland's technology, life science, cleantech, private-equity, and venture capital businesses over the next five years.

SVB announced last week it is to open its first international branch in London. The NPRF has agreed to invest in technology-focused funds managed by SVB Capital.

"Accessing effectively venture capital funds for start-ups is very, very important to the present state of the development of our economy," Irish Finance Minister Michael Noonan told reporters on Tuesday.

Commenting on the initiative, Greg Becker, President and CEO of Silicon Valley Bank, said, “Building on the momentum we've seen in the UK with our recently opened UK branch and our aspirations to support our innovative clients around the world, we are really looking forward to bringing our knowledge and global network to entrepreneurs in Ireland. We'd like to thank the Irish government and particularly the NPRF for their proactive approach and support of our efforts to enter the market.”

Paul Carty, Chairman of the National Pensions Reserve Fund Commission, said, “Bringing Silicon Valley Bank's expertise and understanding of emerging and high-growth companies to Ireland will have a significant and positive impact on the ability of our vibrant innovation sector to reach its long-term growth potential.”