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[Article] €10 billion for transport projects

02-12-2004 4:05am

#1

Victor

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http://www.rte.ie/business/2004/1201/budget2.html

€10 billion for transport projects
December 01, 2004 16:54

Minister Cowen said he was providing an extra €334m for capital spending next year, in addition to €237m carried over from last year, giving a total of €6.3 billion for infrastructure next year.

He said total investment in infrastructure over the next five years would be €36.3 billion, with €10.2 billion going on transport.

The Minister said that, given the scale of transport projects and the investment involved, he had agreed in principle with the Minister for Transport that an extended capital envelope of 10 years, rather than five, was more appropriate in the case of investment in transport. Proposals for such a 10-year investment will be submitted shortly for consideration by Government.

Mr Cowen said the Department of Finance would also shortly be issuing to Departments revised guidelines on the appraisal and management of capital projects. He added that work was also continuing on changes in public sector capital project contracts to ensure that risk was transferred to those best able to manage and control it.

He said targets for public private partnerships had been changed, acknowledging that such projects had been slow to get off the ground. The Minister said the Government was 'actively examining how to resolve that issue'.

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