Project Ireland 2040, was launched on 16th February 2018 It is the Government’s overarching policy and planning framework for the social, economic and cultural development of Ireland.
As part of Project Ireland 2040, the Government has committed to providing an additional €1 billion for a new Rural Regeneration and Development Fund (“the Fund”) over the period 2019 to 2027.
The Fund is to be administered by the Department of Rural and Community Development with the assistance of a Project Advisory Board, to be comprised of representatives from key Government Departments as well as external experts.
The Fund will provide investment to support suitable projects in towns and villages with a population of less than 10,000, and outlying areas which will deliver on the aims of Project Ireland 2040 and achieve sustainable economic and social development in these areas.
The objective of the Fund is to support coordinated and integrated projects between Government Departments, State agencies, Local Authorities, other public bodies, communities and, where appropriate, philanthropic funders and/or the private sector.
Initial funding of €315 million is being allocated to the Fund on a phased basis over the period 2019 to 2022.
The Fund supports ambitious and strategic projects which contribute to sustainable rural regeneration and development. It will support investments of scale which would not otherwise be delivered without the additionality provided by the Fund, and projects that are outside the scope of existing schemes. In this context, projects are likely to be multi-annual and multi-faceted, involving a number of elements or phases as part of a broad strategic plan.
Key outcomes will be to support sustainable community and economic development in rural Ireland, including through regenerating smaller towns and villages and encouraging entrepreneurship and innovation to support job creation in rural areas.
The types of initiatives which the Fund will support include (but are not limited to):