Additional €2.25bn Domestic Infrastructure Stimulus Announced To Create Jobs

The Minister for Public Expenditure and Reform, Mr. Brendan Howlin T.D., has today, 17 July 2012, announced the Government's plans for an additional €2.25 billion investment in job-rich public infrastructure projects in Ireland.

The bulk of the funding will come from a combination of the:

•NPRF

•European Investment Bank/Council of Europe Bank

•Domestic Banks and other potential private investment sources

Minister Howlin said: "Today's announcement is the culmination of intensive efforts to identify projects that are realistic, credible and deliverable. This Government is committed to getting people back to work and securing real, domestic growth. This investment is in addition to our €17 billion 'Infrastructure and Capital Investment Framework' I published last November which focused on the Government’s clear priorities of creating jobs, building schools and improving our health system. Today's announcement builds on this. Job creation is this Government’s top priority. It is estimated that Phase 1 of our PPP programme will generate up to 13,000 jobs. The focus for Phase 1 is on projects in the Education, Health, Transport and Justice Sectors. These projects reflect the Government’s priorities, meet infrastructure needs, are labour intensive and provide value for money for the State.

"I have been working closely with my colleague Mr Michael Noonan, T.D, Minister for Finance to address funding issues. His Department, along with my own Department and the relevant agencies, have been working on solutions to improve access to funding. We are now confident that we will be able to put the correct funding structure in place to ensure delivery of these important projects. Today’s additional €2.25 billion multi-annual plan of infrastructure investment will be used to facilitate the delivery of Phase I of a PPP programme and to support further labour intensive capital projects. Based on information supplied by Departments procurement for Health projects will commence by end 2012 with procurement in Education, Justice and Transport commencing in 2013."

The Minister added that his Department will continue to work closely with the NDFA, Government Departments and other delivery agents to progress help ensure the smooth roll-out of the Programme.

(CD)