Dáil Éireann Debate, Wednesday - 28 November 2012
79. Deputy Thomas P. Broughan asked the Minister for Finance if he is engaging with the European Investment Bank; if he will report on the matters on which he is engaging with the EIB; and if he will make a statement on the matter. [53226/12]
View answerThe EIB is currently providing loan funding for a number of major capital projects. These include EUR 100 million to part-fund the 2012 Exchequer Schools Programme; EUR 50m for the Third Schools Bundle PPP project for 8 schools and which was signed on 9th November and EUR 75m for the N11-N7 Motorway link. There has been continued close engagement with the EIB since President Werner Hoyer’s visit in July when he met with the Taoiseach as well as the Minister for Public Expenditure and Reform and myself. This visit led to the establishment of a Joint High-Level Working Group between my Department and the EIB to enable close collaboration on projects aimed at expanding the Irish economy and supporting growth.
These discussions have culminated in the announcement today of EUR 375m in part-funding for various projects, as follows:
(i) Irish Water Investment Programme (Dept of Environment, Community and Local Government) - EUR 60m
(ii) Bord Gais onshore wind farms EUR 155m
(iii) SME/midcaps Financing for AIB - EUR 100m
(iv) Risk Sharing Instrument (RSI) for SME/midcaps in innovative sectors of the economy EUR AIB EUR 60m.
I recently met with President Hoyer on the margins of ECOFIN, where it was agreed to progress a number of other projects across several sectors during the coming months. Apart from opportunities for investment in traditional sectors such as roads and school-building, I am anxious to explore possibilities in areas such as green energy and innovation.
In relation to capital investment projects, the Department of Public Expenditure and Reform has a role in terms of setting the overall capital investment framework and the basic principles to be observed for the appraisal, assessment, procurement and evaluation of projects. Individual Ministers are responsible for projects and programmes in their areas, within that overall framework. Decisions on the funding arrangements for those projects are primarily the responsibility of individual Departments, in consultation with the National Development Finance Agency. Details about the funding arrangements for individual projects can be obtained directly from the relevant Department.
