The Taoiseach, Brain Cowen, together with the Minister for Finance and the Minister for
Environment, Heritage and Local Government today launched the Government's
Infrastructure Investment Priorities for 2010 - 2016 at the new National
Convention Centre in Dublin.
Cowen said "proportionately this is one of the highest spends in the European Union, and
a major stimulus to the economy as we return to growth." He added:
"Over the next seven years we will invest €40bn in economic and social
infrastructure. We have reviewed all our capital programmes and identified new
priorities and opportunities given the changed circumstances the country faces. We are focusing on investments which will help create sustainable jobs - by
shifting resources to areas which will help Irish companies grow, and attract
more foreign investment."
The Taoiseach said the new investment programme is "...ambitious, appropriate and affordable. It is exactly the type of stimulus that the economy needs to help rebuild
confidence and accelerate economic recovery. More than anything else, it is a clear statement of confidence and optimism
about Ireland's future. "
The Government has completed a comprehensive review of its Public Capital
It has will invest €40bn over seven years to support recovery, prioritising productive and employment-supporting sectors, including enterprise
and innovation, education, public transport and environmental services.
Among the key allocations are:
Cowen said there are also major investments in housing, agriculture, flood relief,
community development, energy, broadband, information and communications
technology, tourism, culture and sport.
IBEC Director Brendan Butler
lauded the Government's public spending plans and vision said: "This investment is an important vote of
confidence in the Irish economy. The scale of the programme remains ambitious by
international standards and provides the opportunity to enhance the growth
potential of the economy. The certainty that now exists about the Government's
investment plans will deliver a much needed stimulus to the domestic economy.
"Government has rightly prioritised the employment aspects of investment. In
addition to the much needed infrastructure projects, the plan provides for
increased investment in enterprise development, education, skills and R&D.
"The commitment of this investment now provides the platform to attract
substantial investment from the private sector. Public private partnerships have
a proven track record of delivering major infrastructure projects and many
international funds are looking to invest in Irish PPP projects.
"It is now vital that government departments and agencies get this funding
flowing through the economy as quickly as possible. We need to ensure that a
sensible approach is taken to planning issues and that unreasonable delays do
not threaten the delivery of much needed infrastructure and employment."
'Leaflet' - Capital Expenditure Review (pdf)