Further €17m to complete regional enterprise projects

Up to €12m is being made available to address construction inflation costs.

The Irish Government has revealed that it is providing funding of up to €17m to complete critical regional enterprise projects.

€12m is being made available to address construction inflation costs and support the completion of existing regionally funded projects under the Regional Enterprise Development and Border Enterprise Development Funds.

“These strategic funds are about supporting projects with regional impact in order to increase opportunities both at home and abroad”

The funding is aimed at existing projects already underway.

Up to €6m will be made available this year with a further €6m tabled for after 2022.

The initial funding of €6 million will be made available by the Department of Enterprise, Trade and Employment through Enterprise Ireland, who will contact existing regional and community based REDF/BEDF projects and advise of the new fund.

Further funding of up to €5m is being made available to support detailed feasibility studies and for priming project applications in order to develop strong regional enterprise proposals identified through the Regional Enterprise Plans to 2024.

In recent weeks the Irish Government revealed €180m worth of plans to boost regional development across Ireland. The funding is designed to generate new projects which create new jobs and help companies to grow in the regions up until 2024.

Covid effects

“I am pleased to announce this funding of €12m which will ensure that important local projects already underway can now be completed as originally approved,” said Minister of State for Business, Employment and Retail, Damien English TD.

“The effects of Covid has increased the project costs in many cases but the pandemic has also shown how valuable these projects are to the regions when it comes to maximising enterprise development opportunities.

“Separately, as we look forward to implementation of the new Regional Enterprise Plans to 2024, I welcome the €5m feasibility and priming fund which will help regional stakeholders to map out in great detail the effectiveness and potential benefits of their various proposals.

“These strategic funds are about supporting projects with regional impact in order to increase opportunities both at home and abroad and to enable sustainable job creation right across the country.  The funding underlines the fact that the Government is fully focussed on enabling and supporting innovation and entrepreneurship in every region in Ireland.”

John Kennedy
Award-winning ThinkBusiness.ie editor John Kennedy is one of Ireland's most experienced business and technology journalists.

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