While the national development plan includes significant investment for third level education, the specifics of the allocation have not yet been determined. However, the Department of Education and Science is currently funding a number of capital projects at the Waterford Institute of Technology. The larger of these projects include the library-information technology building and the tourism building. Capital allocations have also been sanctioned for the advancement of the apprentice training and skills initiative programmes. These amount to an unprecedented investment in developing Waterford Institute of Technology.
Matters relating to the designation of institutions as universities are covered in the Universities Act 1997.