Minister for the Marine and Natural Resources, Mr Frank Fahey, this afternoon signed a contract worth €50 million for the development of the department¿s fishery harbour in Killybegs, Co Donegal.
The investment, financed from the National Development Plan and European Regional Development Fund grant aid, is the largest ever state investment in a fisheries harbour.
Fishing and related activities are estimated to be worth €50 million to the local economy per year, and Mr Fahey spoke of the vital economic importance of Killybeg's port for jobs in Donegal and the North West regions.
"This investment confirms the Government's commitment to supporting the fishing industry and ensuring the port's safety and economic viability", he said.
Work is to start within weeks and a completion date for early 2004 has been set.
Whilst in Killybeg this afternoon, Mr Fahey also formally opened a new slipway, which will be used by the coast guard, as well as small boat users.