The first call for applications to the Rural Regeneration and Development Fund closed in September 2019. Following the conclusion of the first call to the Fund in February 2019, a total of 84 successful projects had been announced, with funding of €86m provided from the Fund. This funding supported a total investment of €117m by these projects in rural areas.
Of the 84 successful projects, 3 are located in County Cavan and 4 in County Monaghan. Total funding of €4.9 million was approved for the seven projects, €3.9m in Monaghan and €1m in Cavan.
Following the announcement of the successful projects, my Department engaged with each lead party to complete due diligence requirements. Contractual arrangements were also drawn up with the release of funding based on the achievement of key milestones in the projects. To date, one of the 7 projects in Cavan and Monaghan, Cootehill Industrial Park in Cavan, has reached its first milestone and has drawn down €254,922 from the Fund.
I am satisfied that significant progress is already being made on the implementation of successful projects, in Cavan, Monaghan and elsewhere. To date, a total of €1,722,043 has been drawn down from the Fund. I expect that payments from the Fund will significantly accelerate over the coming weeks and months as further milestones are achieved across all the 84 projects.