Dublin should get fair share of new EIB €700bn investment plan
Frances Fitzgerald TD and Fine Gael MEP candidate for Dublin today said that the EIB’s new InvestEU funding programme should bring new opportunities to fund major infrastructure projects in Dublin in the coming years.
“The InvestEU initiative, which will replace the current European Fund for Strategic Investment (EFSI), aims to generate €700 billion in infrastructure investment over a 7 year period (2021-2027). There is so much potential to boost investment in Dublin through this initiative.
“However, funding will only come with serious and credible proposals from government. An ambitious pipeline of projects needs to be urgently progressed - using resources from all government departments.
“Dublin needs to get its fair share in this investment plan. Based on annual growth rates, in 10 years from now the population of Dublin is expected to increase by over 150,000. That is an increase equal to nearly two Galway cities in just a decade. Dublin needs sustainable infrastructure such as adequate transport links and significant investment in social housing to serve its growing population.
“For EIB funding, the focus should be on big-ticket items which could transform the economy. Key emphasis should be put on projects like Metrolink, Luas greenline and redline extensions, DART expansion programme and a new social housing programme for Dublin that will serve and develop our city in a positive way for the coming decades. I also believe there is huge potential for offshore energy over the next decade.
“If elected to the European Parliament, I will work closely with the EIB offices in Brussels, Luxembourg and Dublin to lobby for significant funding for Dublin. I will work with government departments on a pipeline of potential infrastructure projects and I will work with stakeholders in the public and private sector to identify how Ireland can maximize opportunities from InvestEU.
“Since 2014, the EIB has mobilised over €500 billion in investment in infrastructure projects. The EIB’s funding to Ireland has also grown significantly in recent years. In 2011, it was €210 million; in 2018 it was almost €1 billion. There are serious opportunities for EIB funding for crucial projects that will shape our country in the years to come.
“With €700 billion potential financing to be mobilised, the InvestEU plan will touch every sector of Irish society. We know what this type of investment can look like. The LUAS cross-city and the Grangegorman campus for DIT are examples of what European funding can do. Everyone agrees - more investment leads to more jobs, higher economic growth and better services across the continent.”