Investment Stimulus Package

The €2.25 billion Investment Stimulus Package that Minister for Public Expenditure and Reform Brendan Howlin announced in July is an important component in our Strategy for Economic Recovery. This ambitious economic stimulus package will create up to 13,000 jobs in the construction sector and give much need boost to the economy. The measures include the approval of a new campus for Dublin Institute of Technology at Grangegorman, a Gardá Divisional HQ at Kevin St Station, investment in schools including St Brigid’s Convent NS, Scoil Mhuire, Griffith Barracks Educate Together NS, and the long awaited link up of the city’s two LUAS lines.

The two-phase programme will be funded from a variety of sources including the National Pension Reserve Fund, investment from the European Investment Bank, public private partnerships, a “substantial proportion” of the proceeds from the sale of state assets, and the auctioning of the next National Lottery licence. None of the measures in the Stimulus package will be funded from the EU-IMF bailout arrangement.

The focus for Phase 1 is on projects in the Education, Health, Transport and Justice Sectors. The multi-annual plan of infrastructure investment will be used to facilitate the delivery of Phase I of the programme to support further labour intensive capital projects. Health projects will commence by end 2012 with procurement in Education, Justice and Transport commencing in 2013. These projects reflect the Government’s priorities; to meet infrastructure needs, are labour intensive and provide value for money for the State.