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Press Release

Minister Canney welcomes Government investment for the Atlantic Economic Corridor area

Last updated: 11 December 2018
Published: 6 December 2018
From: Department of Rural and Community Development

€50 million has been allocated from competitive government funds in the last two weeks.

Seán Canney TD, Minister of State at the Department of Rural and Community Development, has heralded the success of projects within the Atlantic Economic Corridor (AEC) area in securing investment from a number of competitive government funds in recent weeks.

Funding in the order of €50 million has been allocated to projects in the AEC region, which runs from Donegal to Kerry.

Speaking today, Minister Canney said:

“Of the initial €24.4 million in funding allocated from the Rural Regeneration and Development Fund last month, almost €19 million, or 78% of the total, was for projects in the Atlantic Economic Corridor area.
“A further €18 million has also been allocated from the Urban Regeneration and Development Fund to fund projects along the corridor.
“Nine of the 21 projects approved under the Regional Enterprise Development Fund, delivered for the government by Enterprise Ireland, will also benefit the AEC area, with more than €11 million in allocations from this fund.
“In total, projects in the AEC area have succeeded in winning government investment in the order of €50 million through the three fund announcements in the last two weeks.”

Examples of projects approved for funding include:

  • €1.27m from the Rural Regeneration and Development Fund to restore the Valentia Trans-Atlantic Cable Station in Co Kerry and create a museum and visitor experience there
  • €1.9m from the Regional Enterprise Development Fund for the development of the Strand Campus as a leading regional hub for entrepreneurs in digital gaming and associated tech sectors in counties Sligo, Mayo and Leitrim
  • €1.4m from the Urban Regeneration and Development Fund for the development of Parnell Street and the Lanes and Bow-Ways in Ennis, Co Clare
  • €1.7m from the Rural Regeneration and Development Fund to develop a new Residential Education Centre in Tullycross, Co Galway
  • €2.3m from the Regional Enterprise Development Fund to Innovative Limerick to develop a Digital Collaboration Centre which aims to position the Midwest region as a hub of applied disruptive technology innovation
  • €1m from the Urban Regeneration and Development Fund for Donegal County Council to fund public realm and site acquisition as part of the Letterkenny 2040 development strategy
  • €780,000 from the Urban Regeneration and Development Fund to support the Public Realm Plan for Roscommon

Minister Canney continued:

“I would like to commend the successful applicants on the innovative thinking and strategic focus displayed in their funding applications.
“This funding will support the economic and social development of the AEC region as a whole, in both urban and rural areas. It will encourage enterprise growth and job creation in the region and help to attract further investment into the Atlantic Economic Corridor area.
“All of this will contribute to improvements in the quality of life for both rural and urban communities along the western seaboard.
“By linking the strategic vision of the AEC with the opportunities presented by the Urban and Rural Regeneration and Development Funds and the Regional Enterprise Development Fund, we can start to make real strides towards achieving the vision for enhanced regional development set out in Project Ireland 2040.”

Ends

Notes for editors

Atlantic Economic Corridor

The Atlantic Economic Corridor is a collaborative initiative between the public and private sectors to maximise the assets along Ireland’s western seaboard and connect the economic hubs, clusters and catchments of the region to attract investment, support job creation and contribute to the government’s regional development objectives.

The counties covered by the AEC area are: Donegal, Leitrim, Sligo, Roscommon, Mayo, Galway, Clare, Limerick, and Kerry.

The AEC initiative is overseen by a taskforce chaired by Minister Canney. The taskforce comprises representatives from key government departments, public bodies, the business sector, local and regional government bodies and third-level institutions. For further information, click on the following link: AEC website

Rural Regeneration and Development Fund

As part of Project Ireland 2040, the government has committed to providing an additional €1 billion for a new Rural Regeneration and Development Fund over the period 2019 to 2027. The fund will provide investment to support rural renewal for suitable projects in towns and villages with a population of less than 10,000, and outlying areas.

Details of the projects approved under the Rural Regeneration and Development Fund are available at the following link: Rural Regeneration and Development Fund.

Urban Regeneration and Development Fund

The Government has committed an additional €2 billion for an Urban Regeneration and Development Fund over the period 2019-2027. The aim of the Urban Regeneration Fund is to stimulate new residential and commercial development in our larger cities and towns and to encourage smart, compact urban development also one of the National Strategic Outcomes of the NPF.

Details of the projects approved under the Urban Regeneration and Development Fund are available at the following link: Urban Regeneration and Development Fund approvals list

Regional Enterprise Development Fund

The Regional Enterprise Development Fund supports major new collaborative and innovative initiatives that can make a significant impact on enterprise development in the regions or nationally to build the unique capabilities to grow the regions.

Initially allocated €60 million for two rounds of funding, the fund will now operate on a rolling basis as part of Project Ireland 2040. The fund is delivered by Enterprise Ireland on behalf of the government.

Details of the projects approved under the Regional Enterprise Development Fund are available at the following link: Regional Enterprise Development Fund approvals.