From Department of Rural and Community Development
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The funding will support the development of regeneration projects in rural Ireland to enable them for delivery.
To date, this Fund has now provided over €161 million for 134 projects across the country, worth a total of €229 million.
The Fund is part of the Rural Development Investment programme which will assist and support economic recovery in rural areas.
Mr Michael Ring TD, Minister for Rural and Community Development, has today (Thursday, 25th June) announced the allocation of €13 million in funding to 24 projects under the €1 billion Rural Regeneration and Development Fund.
The Fund is part of the Department of Rural and Community Development’s Rural Development Investment Programme which is funded under Project Ireland 2040. The Fund is providing €1 billion in investment over 10 years to support the regeneration and development of rural towns, villages and outlying areas. Initial funding of €315 million was allocated on a phased basis over the period 2019 to 2022. To date, the Fund has now provided €161 million for 134 projects across Ireland, worth a total of €229 million.
Today’s announcement relates to Category 2 of the Fund which provides seed capital funding for strategic, large-scale projects which will assist in delivering town and village regeneration and contribute to economic development and recovery. The funding provided will allow for further development of the projects to take place enabling projects to reach a stage where they are developed to a high standard and the project is in a position to commence works. This will also provide a ready-made pipeline of projects which can be progressed in the future with the support of the Fund or other funding streams. The applications for funding were subjected to a comprehensive assessment process by the Department, with oversight provided by an independent Project Advisory Board, made up of representatives drawn from key Government Departments along with external independent experts.
Announcing the successful projects today, Minister Ring said:
“The Rural Regeneration and Development Fund represents an unprecedented opportunity to deliver the scale of investment necessary to allow rural communities to further develop and prosper. This investment is more important than ever to help address the challenges arising from the COVID-19 crisis and to drive economic recovery and sustainable development in rural areas.
“The Category 2 funding I am announcing today is for projects that require further development to make them ready for construction. There can be significant work and expense involved in getting projects to the point where they are ready to be delivered. This support is critical to ensure that a pipeline of ambitious regeneration projects are ready to hit the ground running in the future. ”
The successful projects announced today include:
A full list of the successful projects can be found here .
The Minister continued:
“The projects announced today and the projects already approved for funding under the Fund will continue to make a significant and tangible contribution to economic recovery in rural Ireland over the months ahead. This Fund has now made available over €161 million in funding for projects worth a combined total of €229 million. This funding is supporting jobs in every sector within the construction industry, most particularly many companies, contractors and individuals who are themselves based in rural towns and villages. In turn, as these projects are delivered they will help support community development, enterprise development, town centre retail and activity, and assist our tourism industry to rebound strongly.”
The Minister concluded:
“The Rural Regeneration and Development Fund represents a long-term commitment to rural regeneration and development and will be vital in supporting rural communities in the years ahead.
“I recently announced the third call for Category 1 proposals under the Fund seeking ambitious, shovel-ready projects which will support the drive for economic recovery and deliver sustainable regeneration and development in rural towns and villages. It is my hope that projects I announced today and the projects which will emerge from the new Category 1 call will contribute strongly to a revitalised rural economy ready to take advantage of the new opportunities emerging from this crisis.“
The applications submitted under this call from the Fund were of a very high standard and it should be noted that if further funding becomes available over the coming months, additional projects submitted to this call may potentially be supported at a later date.
Further details of the Rural Regeneration and Development Fund are available on the Department of Rural and Community Development website here .
A full list of the successful projects to date can be found here .
Rural Development Investment Programme
The Department of Rural and Community Development’s Rural Development Investment Programme includes a number of integrated funding interventions:
The Department’s total funding allocation for 2020 for the Rural Development Investment Programme is €149.7 million.
The Rural Regeneration and Development Fund
The Rural Regeneration and Development Fund was established to deliver on the National Strategic Objective in the National Development Plan 2018-2027 of Strengthened Rural Economies and Communities and will be rolled out over a 10-year period. The Fund is administered by the Department of Rural and Community Development.
The Fund provides 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 National Strategic Objective of Strengthened Rural Economies and Communities and achieve sustainable economic and social development in these areas. Initial funding of €315 million has been allocated to the fund on a phased basis over the period 2019 to 2022.
Calls for applications to the Fund are sought under two categories. Category 1 relates to projects with all necessary planning and other consents in place and which are ready to proceed, while Category 2 projects are those which required further development to become ready for Category 1 status. The successful projects being announced today relate to Category 2.
The first call for applications to the Fund closed in September 2018. Arising from the first call, 38 successful Category 1 projects and 46 Category 2 projects were announced, with funding of €86m provided from the Fund to support projects worth €117m.
The second call for Category 1 applications for the Rural Regeneration and Development Fund closed in August 2019. Arising from this call, 26 projects were approved for funding of €62 million to support projects costing €95 million.
Today’s announcement relates to the second call for Category 2 applications, which closed in February 2020. 24 successful projects are being announced today, with funding of €13 million being allocated to support projects worth a total of €17 million.
To date, the Fund has now provided €161 million for 134 projects across Ireland, worth a total of €229 million.
The third call for Category 1 applications was launched by the Minister on 19th June 2020. The deadline for completed applications under this call is 12 noon on 1st December 2020. The Department has produced a guidance document, which can be accessed on our website, for those seeking more information on the third call for Category 1 call applications from the Fund. In addition, the Department is also planning information and discussion opportunities for stakeholders relating to this call for applications.