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4bn euro of funds launched for Project Ireland 2040 including urban regeneration

Leo Varadkar said the money will be allocated in competition to the best projects.

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An Taoiseach Leo Varadkar (second left) with (from left) Minister for Housing Eoghan Murphy, Minister for Finance Paschal Donohoe, Minister for Business, Enterprise and Innovation Heather Humphreys and Minister of State John Halligan at the launch of the Project Ireland 2040 funds (Brian Lawless/PA)

An Taoiseach Leo Varadkar (second left) with (from left) Minister for Housing Eoghan Murphy, Minister for Finance Paschal Donohoe, Minister for Business, Enterprise and Innovation Heather Humphreys and Minister of State John Halligan at the launch of the Project Ireland 2040 funds (Brian Lawless/PA)

An Taoiseach Leo Varadkar (second left) with (from left) Minister for Housing Eoghan Murphy, Minister for Finance Paschal Donohoe, Minister for Business, Enterprise and Innovation Heather Humphreys and Minister of State John Halligan at the launch of the Project Ireland 2040 funds (Brian Lawless/PA)

Four new funds worth a total of four billion euro have been launched as part of the Project Ireland 2040 investment.

The Irish Government announced that the funds, which are part of the 116 billion euro project, will be invested in rural development, urban regeneration, climate action and innovation.

The Taoiseach said the money will be allocated competitively to the best projects and the call for applications will open in the coming weeks.

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Leo Varadkar and Minister for Finance Paschal Donohoe at the launch of the Project Ireland 2040 funds in Government Buildings, Dublin (Brian Lawless/PA)

Leo Varadkar and Minister for Finance Paschal Donohoe at the launch of the Project Ireland 2040 funds in Government Buildings, Dublin (Brian Lawless/PA)

PA Wire/PA Images

Leo Varadkar and Minister for Finance Paschal Donohoe at the launch of the Project Ireland 2040 funds in Government Buildings, Dublin (Brian Lawless/PA)

Half of the four billion euro will be put towards urban regeneration in Dublin, Cork, Limerick, Galway and Waterford, alongside 54 other urban centres.

Rural areas are set to be given one billion euro and towns with a population of less than 10,000.

The remaining one billion euro will be split evenly between the Climate Actions Fund and the Disruptive Technologies Fund.

Speaking at a press conference on Wednesday, Leo Varadkar said: “We expect our country’s population to grow by more than a million over the next 20 years, with two-thirds of a million more people at work.

“That is a huge level of growth for a country of our size and we must plan for it now.

“Project Ireland 2040 seeks to ensure that 75% of this growth will take place outside Dublin and, in particular, we have set the ambitious target that the cities of Limerick, Cork, Galway and Waterford will grow at twice the rate of Dublin.

“The four funds being launched today will drive that growth and ensure that all regions have an opportunity to benefit in the economic expansion that lies ahead.”

PA