Bernard Allen
Question:30 Mr. Allen asked the Minister for Finance if he will outline the way in which the £42 million loan from the European Investment Bank is being spent; and if he will give details of the projects and their respective costs.
Written Answers. - European Investment Bank Loan.
I take it that the Deputy is referring to the £42 million in loans for which contracts were signed during the visit to Dublin by the President of the European Investment Bank on 14/15 May 1992.
The £42 million was made up of loans of £22 million to the Exchequer, £10 million to Waterford Harbour Commissioners and £10 million to Allied Irish Banks.
The £22 million in loans to the Exchequer is being used to part-finance investment in the expansion of higher technical education facilities and in infrastructural improvements in Ireland, specifically in the areas of roads, water supply and sewerage facilities. Details are as follows:
Higher Technical Education Institutions
A IR£10 million loan was provided to go towards the construction of new buildings, extension and modification of existing accommodation and provision of equipment in various colleges. This will enable higher education institutions to increase research support to existing industry, to introduce new technology and to upgrade and develop new products. The loan will contribute to the financing of investment of approximately £90 million in the following projects:—
—new Regional Technical College at Tallaght, County Dublin
—new science block at Dublin City University
—new science and technology block at St. Patrick's College, Maynooth
—extension of food science, microelectronics and aquaculture facilities at University College Cork
—new marine science and information technology facilities at University College, Galway.
—major extension of the College of Catering, Cathal Brugha Street, Dublin
—enhancement of facilities and provision of equipment at various institutes and regional technical colleges around Ireland.
Infrastructure
A loan of IR£12 million was allocated to assist fourteen infrastructural projects, made up of four road, one sewerage and nine water supply schemes which are being completed in various locations throughout the country. The full list of schemes and their respective estimated cost is as follows:—
|
Scheme |
County |
Estimated Outturn Cost |
|
IR£m |
||
|
Water Supply |
||
|
Skibbereen, stage II |
Cork |
1.2 |
|
Ballinatona, stage II, phase 1 |
Cork |
1.5 |
|
Mid Galway water, zone 4, Claregalway |
Galway |
0.4 |
|
Dunmore/Glenamaddy Stage II |
Galway |
1.4 |
|
Lough Easky Regional |
Sligo |
2.8 |
|
Firies Scartaglen, section B, Castleisland |
Kerry |
1.4 |
|
Dromin Treatment Works |
Kerry |
0.6 |
|
Lough Inn Regional, Carndonagh |
Donegal |
1.5 |
|
Achill Island |
Mayo |
2.2 |
|
Sewerage |
||
|
Dun Laoghaire Contracts 2 and 2a |
Dublin |
7.1 |
|
Road Schemes |
||
|
Clonee By-Pass |
Meath |
11.8 |
|
Oranmore/Merlin Park |
Galway |
6.7 |
|
Rathkeale By-pass |
Limerick |
8.3 |
|
Glenmore/New Ross, stage II |
Kilkenny |
7.5 |
Waterford Harbour Commissioners
I understand that the £10 million loan from the European Investment Bank to Waterford Harbour Commissioners was for investment in a new container terminal to expand capacity and ease pressure on existing facilities at Waterford Harbour. The EIB loan is going towards the project's first phase which includes construction of a 450 metre concrete wharf, office buildings, two new container cranes, dredging works and access roads. The total cost of the project is estimated at £21 million.
Allied Irish Banks
I understand that the £10 million loan from the European Investment Bank to Allied Irish Banks is a global loan for on-lending in smaller amounts to small and medium-sized enterprises in industry, tourism and related services. Global loans are lines of credit made available by EIB to increase the capacity of banks and financial institutions to meet the needs of small and medium-sized enterprises. Funds will be advanced by the EIB to AIB according as specific projects are identified and approved by AIB.