Brendan Griffin
Question:312. Deputy Brendan Griffin asked the Minister for Public Expenditure and Reform to detail his plans for further economic stimulus programmes; and if he will make a statement on the matter. [7809/14]
View answerTuesday, 18 February 2014
Questions (312)
Written answers
As the Deputy is aware, since July 2012 I have made a number of announcements in relation to additional capital investment as part of an infrastructure stimulus package to help support investment in infrastructure and jobs. This additional investment supplements the exchequer capital programme and is primarily focused on projects with a high employment impact and which can benefit local economies throughout the State. It is also predicated on the use of non-traditional funding methods e.g. private financing through the PPP structure and additional Exchequer investment through reinvestment of proceeds from the sale of State assets and the new licensing arrangement for the National Lottery.
To date, a total of €1½ billion in new PPP projects has been announced with a further investment of €250 million to be added to the pipeline once suitable projects have been identified. On the Exchequer side, an additional €150m investment in schools, energy efficiency and roads projects was committed followed by the more recent announcement in relation to the use of €200m additional investment from the Lottery Licence transaction. Some €45m will also be invested this year from part of the proceeds of the asset disposal programme to meet essential upfront costs associated with the new PPP projects. This includes substantial enabling works at the Grangegorman DIT project which are well under way.
As I announced on Budget day, a review of the public capital programme will be undertaken by my Department this year and will culminate in the setting of the Government's capital investment framework for the period ahead. It is my intention that the use of further proceeds arising from the sale of assets will be considered as part of the review, taking account of the infrastructure investment priorities identified in the review. The review will also examine the scope for the utilisation of other non-traditional funding sources to augment investment in employment intensive projects that can promote economic growth and best meet our infrastructure needs.