European bank to back road-building project
The European Investment Bank has promised support for a combined road-building project in south Dublin and Co Wicklow.
Speaking in Dublin yesterday, European Investment Bank vice-president Mihai Tanasescu indicated the bank hoped to finalise “a bid” for the N11 project, to be built by way of public private partnership (PPP), by the beginning of February. He said the initiative would “reopen” PPPs in the Irish transport sector, and said the bank was “working very hard” on delivering such projects.
His comments came just hours after the chairman designate of the National Roads Authority, Cormac O’Rourke, confirmed progress on the project to the Oireachtas Committee on Transport.
The project is a PPP comprising two road schemes. One of them is a new dual-carriageway linking the Arklow bypass with the Ashford Rathnew bypass in Co Wicklow. The second element involves the building of a height-separated junction at Newlands Cross in south Dublin.
The combined scheme is one of four projects which were announced by the Government this year as part of a jobs-stimulus package.
The others are the N17/18 Gort to Tuam road scheme, the M11 Gorey to Enniscorthy project and the N25 New Ross bypass.
The European bank’s action means it will effectively guarantee the Government’s share of the PPP project.