Ireland Strategic Investment Fund (ISIF), the state’s job-creation fund, is investing 50 million euros ($58.1 million) in Genesis Aircraft Services Limited, an aircraft-leasing business owned by U.S. financial services group Barings.

The ISIF’s investment will boost Genesis’s Irish operations. This will result in the lessor using local companies to service its aircraft.

The state job-creation fund said that Genesis had pledged that, where practicable, it would hire Irish companies to do this work.

ISIF said that Genesis would create opportunities for aircraft maintenance, repairs and overhaul companies at Irish airports.