A ten year, £3.5 billion (€5.4 billion) transportation plan for the North was set out by the Minister for Regional Development, Mr Peter Robinson, last night. The strategy is likely to include a significant element of financing from the private sector.
Mr Robinson said his £44 million share of Reinvestment and Reform Initiative funding which was announced on Tuesday would be used to kick-start his strategy, specifically going towards road improvements and the replacement of old bus fleets. But to offset "decades of underinvestment during direct rule" some £3.5 billion would be required for Northern Ireland's deteriorating bus and rail networks, he said.
"Significantly transportation is now a priority area for investment along with health, education and water and sewerage" he told Assembly members who overwhelmingly approved the principles contained in the Regional Transportation Strategy (RTS).
The strategy had seen a number of key changes costing an additional £420 million from the draft strategy. The Minister said he recognised it could not be funded entirely through the public purse.
"We have to explore opportunities for attracting private sector finance and management skills and innovation."
The main features of the RTS include: Investment for public transport in rural areas; upgrading existing rail network, improve bus services and provide quality bus corridors in all main commuter routes; a Rapid Transit Network in the Belfast Metropolitan Area; tackling a road maintenance backlog, improving roads and journey times.