by Andrew Carey
andrew
REGENERATION projects in Limerick could be in line for millions of euro in funding from the European Investment Bank as part of a major funding project for city revival schemes.
Finance Minister Michael Noonan has confirmed that senior figures from the European financial institution were in talks with Limerick’s local authorities with a view to funding the best regeneration project proposal to come from Ireland.
The Limerick Fine Gael TD said he was pleased that the EIB will hold talks with the councils and he hoped their efforts would lead to funding under the Joint European Support for Sustainable Investment in City Areas (JESSICA) scheme.
Mr Noonan’s comments coincided with the arrival of Johnathan Taylor, Vice President of the EIB, who was in Limerick to sign off on the €100 million loan deal with the University of Limerick. He also availed of the opportunity to discuss regeneration plans and funding deals and opportunities with the local authorities.
The first round of talks, facilitated by Minister Noonan and Department of Finance Secretary General John Moran will take an initial look at funding opportunities that Limerick can benefit from the JESSICA project which supports sustainable urban development and regeneration through financial engineering mechanisms.
Mr Taylor said that there “is plenty potential in Limerick” after he was brought on a whistle-stop tour of the city and some of its areas of development.
Minister Noonan said that the success to Limerick’s revival was linked to the “combination of enhanced third level education with regeneration developments.”
Mr Moran said that over €1.2 billion in financial signatures and approvals had been secured by Ireland from the EIB to date.
“It’s not just about funding for youth unemployment or housing. We need to take an holistic view and approach to the regeneration of Limerick”. he said.
Mr Moran confirmed that funding would be available to “the best project bids” but he added that discussions between councils and the EIB were at a very “early stage”.
