Dáil Éireann Debate, Tuesday - 8 September 2020
308. Deputy Darren O'Rourke asked the Minister for Finance the areas in which the proceeds from the sale of Aer Lingus which established the connectivity fund (details supplied) have been invested to date; the value of the investments; the amount that has not been invested; and if he will make a statement on the matter. [22441/20]
View answerIn 2015, €335 million was transferred from the Exchequer to the ISIF for the purpose of a new Connectivity Fund within the discretionary portfolio. The ISIF have advised me that it has completed four investments under the Connectivity Fund, namely:
- A $28 million co-investment in Aqua Comms DAC, a company that has developed fibre optic cables linking the USA, Ireland (Killala, Mayo) and the UK.
- A €35 million investment as a strategic domestic partner for DAA plc long-term bond issuance, supporting construction of a new runway at Dublin Airport.
- Provision of a long term €14 million debt facility to finance a runway resurfacing project at Shannon Airport - a crucial regional and national infrastructure asset. This debt facility was signed in early 2017 and the runway resurfacing project has been completed on time and within budget.
- An €18 million Junior Debt facility to support the relocation of the Port of Cork from Tivoli to Ringaskiddy. The ISIF debt facility was provided alongside senior debt from Allied Irish Banks and the European Investment Bank and was structured to ensure certainty of funding for the Port Company. It also has tailored flexibility to meet the requirements of this nationally and regionally significant project.
These investments bring the total deployed under the Connectivity Fund to over €90 million.
