Dáil Éireann Debate, Tuesday - 24 October 2023
193. Deputy Robert Troy asked the Minister for Finance when the new national infrastructure firm will be established; the amount to be transferred into the fund each year; if there is a ceiling on the fund; how he will ensure the fund will be used efficiently; how projects will be prioritised from this fund; and how he will ensure these projects are rolled out and completed efficiently and in a timely manner. [46258/23]
View answerI understand that the Deputy is referring to the Infrastructure, Climate and Nature Fund (ICNF), which I announced on Budget day. At a high level, it is intended that the fund will be used for the purpose of providing support for:
• expenditure by the State in times of significant deterioration in the public finances, and
• individual projects that will contribute to the achievement of climate and nature related goals.
It is intended that the ICNF will be capitalised at a rate of €2 billion per year from 2024 to 2030, with a total maximum contribution of €14 billion. In 2024, the first €2 billion will be transferred to the ICNF from the proceeds of the proposed dissolution of the National Surplus Reserves Fund. In subsequent years, the contribution to the fund shall be made from the Exchequer. The climate and nature element of the Fund is capped at €3.15bn.
The proposed Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill will establish this fund. The Bill is included on the list of bills for publication in the Government’s autumn legislation programme and the General Scheme of the Bill was published on my Department’s website on 12 October: www.gov.ie/en/publication/75000-general-scheme-of-the-future-ireland-fund-and-infrastructure-climate-and-nature-fund/
The broad outline of how the fund will be used is contained in the General Scheme. My officials will work with the Office of the Parliamentary Counsel and other relevant Departments to ensure that appropriate processes are put in place for the draw down and use of funds.
