Details of €4 billion Project Ireland funds announced

Taoiseach Leo Varadkar has launched details of the €4 billion Project Ireland 2040 funds for rural development, urban regeneration, climate action and innovation.

Money is to be allocated competitively to the best projects, which leverage investment from other sources.

The funds will be open to applications from state agencies, local government, business, educational institutions and the private sector. But Mr Varadkar said the ideal applications would be collaborative efforts. Applications will be accepted from next month with decisions by the autumn and funding available from next year.

The four new funds will incentivise projects favouring balanced regional development, urban renewal and the environment and innovation. The overall aim is to prepare for a population of an additional one million people and 660,000 more people at work

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Mr Varadkar said 75 per cent of new growth will be outside Dublin, with 50 per cent of the projected population growth planned for towns, villages and rural areas and 50 per cent for our cities. The funds are:

• €2 billion Urban Regeneration and Development Fund: will secure more compact, sustainable growth in Ireland’s five cities and other large urban centres.

• €1 billion Rural Development Fund: will support job creation in rural areas, address de-population of rural communities and support improvements in our towns, villages and their hinterlands that enhance the quality of life of communities and enhance their attractiveness for families who want to live and work there.

• €500 million Climate Action Fund: will support initiatives that contribute to the achievement of Ireland’s climate and energy targets.

• €500 million Disruptive Technologies Fund: will see investment in the development and deployment of disruptive innovative technologies and applications, on a commercial basis, targeted at tackling national and global challenges.

“In particular” Mr Varadkar said “we have set the ambitious target that the cities of Limerick, Cork, Galway and Waterford will grow at twice the rate of Dublin. The four Funds being launched today will drive that growth and ensure that all regions have an opportunity to benefit.