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EU To invest 50 billion in infrastructure!

  • 19-10-2011 6:59pm
    #1
    Registered Users Posts: 701 ✭✭✭ kilkenny31


    What does everyone think of this?

    http://www.rte.ie/news/2011/1019/infrastructure-business.html

    EU infrastructure plan could benefit Ireland

    Updated: 16:31, Wednesday, 19 October 2011






    Irish officials have welcomed new proposals for an expansion of infrastructure projects in Europe.
    000415b5-314.jpg EU wants to attract private investment to infrastructure


    Irish officials have welcomed new proposals for an expansion of infrastructure projects in Europe which, they say, could have significant funding benefits for Ireland in the areas of broadband and energy supply.
    The proposals, presented by the European Commission this morning, could see €50 billion being spent over the next decade under the Connecting Europe Facility (CEF).
    The Commission wants to fast-track spending on infrastructure and to attract more private investors through the use of so-called Project Bonds.
    As well as funding for broadband, areas under consideration from an Irish point of view could include the Northern seas offshore grid as well as so-called smart grids which could facilitate the development of wind and wave energy off Ireland's coasts.
    Funding could also become available for rail links between Belfast and Dublin, and ferry links between Dublin and Holyhead.

    The CEF envisages a blend of funding from the European Commission, co-financed cohesion funding - whereby national governments contribute matching funds - and the use of Project Bonds.
    The Project Bonds initiative is to help infrastructure projects to attract long-term private investment through the European Investment Bank.
    At a news conference this morning, Commission president Jose Manuel Barroso said an initial €213m could be leveraged through the issue of Project Bonds to generate up to €4.6 billion that could be spent in the short-term on infrastructure projects.
    Ireland must make up 80% of transport funding
    A spokesman for the Department of Transport said the European Commission's proposals would be looked at carefully.
    In the transport provisions of the CEF initiative, funding from Europe would require 80% matching funds from the Government, he said, adding that the plan should not be regarded as a new source of funding.
    "The implications for Ireland's transport infrastructure will need to be examined carefully, particularly the specifications for the road and rail network and our capacity to deliver in the current economic climate," he said.
    The spokesman added that Ireland would aim to maximise any available funding for transport projects in Ireland which meet the requirements of the CEF once it has been finalised and adopted, which is likely to take place in 2013.


Comments

  • Registered Users Posts: 7,476 ✭✭✭ ardmacha


    A few Euro for the A5 would ease things quite a bit.


  • Registered Users Posts: 12,839 ✭✭✭✭ galwayrush


    Galway and Claregalway by passes hopefully.:)


  • Banned (with Prison Access) Posts: 25,234 ✭✭✭✭ Sponge Bob


    Shovel ready by the time ths funds are released.

    1. Newlands+M11
    2. Tuam - Gort
    3. Galway Bypass ( Airport to N59)
    4. Cork - Mallow M20
    5. N11/N25 Wexford package.

    Other than Mullingar - Longford and Limerick - Mallow that lot would finish the national motorway network.

    I can see packages 1 and 5 as having an EU dimension ...being Euroroutes.


  • Closed Accounts Posts: 17,738 ✭✭✭✭ corktina


    well if we all pool our resources to make up the 80% I guess the EU will chip in the other tenner....


  • Banned (with Prison Access) Posts: 25,234 ✭✭✭✭ Sponge Bob


    EIB funds are available for certain projects too, don't forget


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  • Registered Users Posts: 6,106 antoobrien


    Is this money to be spent across the EU or just in Ireland? If it's the former we're going to get f**k all.


  • Registered Users Posts: 314 ✭✭ Kumsheen


    It will all go to Greece. They seem to have found the knack for getting handouts without doing anything in return...


  • Registered Users Posts: 8,197 ✭✭✭ cgcsb


    transport funding is only for cross border projects as far as I know, so we'd get it if we decided to upgrade the Dublin-Belfast line to high speed, but we wouldn't get it for a Cork-Limerick road.


  • Moderators, Motoring & Transport Moderators, Technology & Internet Moderators Posts: 20,995 Mod ✭✭✭✭ bk


    cgcsb wrote: »
    transport funding is only for cross border projects as far as I know, so we'd get it if we decided to upgrade the Dublin-Belfast line to high speed, but we wouldn't get it for a Cork-Limerick road.

    Cork declares independence and we can justify lots of needed projects!! :D


  • Registered Users Posts: 6,106 antoobrien


    bk wrote: »
    Cork declares independence and we can justify lots of needed projects!! :D

    Can Galway join ye?


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  • Registered Users Posts: 20,511 ✭✭✭✭ FreudianSlippers


    Roll on MN and DU! :D


  • Closed Accounts Posts: 7,221 BrianD


    I saw this item on Euronews a few days ago. It showed a map of these projects and the only thing for Ireland seemed to be the Dublin-Cork rail line.

    The Euronews item and the article posted here seem to indicate that none of this money is being spent on roads.


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