€2.25 Billion Stimulus

stimIn a bid to bolster the sluggish Irish economy, the Government announced a new stimulus package that provides €2.25 billion of capital investment. The plan aims to inject money into a variety of areas in a bid to improve the nation’s infrastructure and create jobs.

Speaking during the announcement, the Minister for Public Expenditure and Reform, Mr. Brendan Howlin said, “This announcement is the culmination of intensive efforts to identify projects that are realistic, credible and deliverable. The Government is committed to getting people back to work and securing real, domestic growth.”

The plan contains proposals to invest €280m in education, providing or replacing 12 new schools around the country. Dublin Institute of Technology is also to gain from the plan, with its 39 sites being relocated to Grangegorman. In health, the plan will invest €115m for 20 primary care centres around the country with no planned investments in overall healthcare.

The package also calls for the allocation of €850m in upgrading the national motorways that could improve the traffic flow in Dublin city and Dublin 4. Improvements in courthouses and the creation of a new Garda regional headquarters will also get the go-ahead.

“We are confident that we will be able to put the correct funding structure in place to ensure delivery of these important projects. This additional €2.25 billion multi-annual plan of infrastructure investment will be used to facilitate the delivery of Phase One of the programme and to support further labour-intensive capital projects,” said the Minister.

According to the Government, the plan will create up to 13,000 new jobs. Welcome news in an economy which has felt the brunt of cutbacks and job losses. Some of the projects within the scheme will commence in the next few years. For some projects the investment will be available right away.
According to the Government, the European Investment Bank, The Council of Europe Bank, and a variety of other sources funded the stimulus.

By Liam Cahill