Ministers welcome European Investment Bank provision of €200m for investment in flood protection schemes.

14 January 16

Flood protection schemes across Ireland will benefit from a new €200 million long-term loan sourced from the European Investment Bank (EIB). Under this initiative, the EIB will help part-finance the Irish Government’s Flood Protection Capital Investment Programme costing over €400m and expected to be implemented between 2016 and 2020.

The initiative will include a total of 29 large scale flood protection schemes. The overall project will be managed and implemented by the Office of Public Works, which has determined the most suitable schemes to benefit from this financing initiative. The National Development Finance Agency will advise on certain aspects of the programme.

Schemes across Ireland to benefit from the initiative include projects already in the OPW's planned capital works programme in counties Cork, Clare, Donegal, Dublin, Galway, Kildare, Mayo, Tipperary, Waterford, Wicklow, Wexford and Limerick.

Minister Howlin, Minister for Public Expenditure and Reform said "I welcome the announcement today that the EIB will invest up to €200m in the State’s Flood Risk Management Programme over the next 5 years.This will form part of the overall investment of almost half a billion in much needed flood protection works which I announced as part of the Capital Plan launched last year. The Government’s immediate priority, in the wake of the recent floods, is to ensure that every effort is focussed on ensuring that those affected by flooding receive the necessary humanitarian assistance. However, we are also conscious of the need to have a long term plan in place to address flooding and the funding announced today will help us to move forward with that plan."

Minister Simon Harris, Minister of State at the Department of Finance and with special responsibility for the Office of Public Works, also welcomed the EIB's involvement in part financing the OPW's flood capital works programme saying "that the schemes that are included in the initiative are already part of the OPW's planned programme of much needed flood capital works nationally and the EIB's willingness to contribute to their financing is a very positive step in advancing the Government's longer term plans to address the most significant flood risks in cities and towns throughout the country."

The borrower for the EIB loan is Ireland, acting through the National Treasury Management Agency, which is responsible for borrowing on behalf of the Irish Government.

During 2012, the EIB provided nearly €755 million in long-term low-cost loans for key investment in projects across Ireland, including Dublin Port, the M11 motorway, various education projects and to SMEs through the Strategic Banking Corporation of Ireland.

Notes for Editors:

The European Investment Bank:The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

Overview of schemes to benefit from this initiativeThe programme, led by the Office of Public Works, comprises of a number of flood protection projects implemented in the framework of the national policy for flood risk management and the national Catchment Flood Risk Assessment and Management Programme. The projects are located throughout Ireland.

1 Bandon, Co Cork

2 Bray, Co Wicklow

3 Claregalway, Co Galway

4 Ennis Lower, Co Clare

5 Ennis South, Co Clare

6 Fermoy South, Co Cork

7 Skibbereen, Co Cork

8 emplemore, Co Tipperary

9 Waterford City, Phases 2,3 4

10 Arklow, Co Wicklow

11 Crookstown, Co Cork

12 Crossmolina, Co Mayo

13 Foynes, Co Limerick

14 King's Island, Limerick

15 Lower Lee (Cork City)

16 Midleton, Co Cork

17 Portmarnock Strand, Dublin

18 Raphoe, Co Donegal

19 River Camac, Dublin

20 Skerries, Co Dublin

21 Ballymakeera, Co Cork

22 Clonakilty, Co Cork

23 Clontarf, Dublin

24 Douglas, Co Cork

25 Dunkellin River, Co Galway

26 Enniscorthy, Co Wexford

27 Glashaboy, Co Cork

28 Lower Morrell, Co Kildare

29 River Poddle, Dublin

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