Press release
National Development Plan commits record €3.5bn budget for collaborative cross-border investment
From Department of the Taoiseach
Published on
Last updated on
From Department of the Taoiseach
Published on
Last updated on
Government has announced significant additional funding and an increased level of ambition for collaborative cross-border investment in the Shared Island dimension of the reviewed National Development Plan.
Under the Plan, total all-island investment through the extended Shared Island Fund, the Project Ireland 2040 funds, the government’s annual funding for North/South cooperation and the PEACE PLUS programme, delivered with the EU, UK and NI Executive, is more than €3.5billion.
The government’s commitment of €500m to the Shared Island Fund, will be at least doubled out to 2030.
As part of the strategic investment priorities for a Shared Island, the government will work to develop and deliver joint and coordinated investments with the Northern Ireland Executive, the UK Government, European Union and local authority partners to build a more connected, sustainable and prosperous island, for all communities and traditions.
The Taoiseach Micheál Martin said:
“Over the next 20 years, the population on this island will grow by over 1 million, making it home to around 8 million people. The reviewed National Development Plan sets out investment priorities to meet the future needs and potential of our shared island, maximising the opportunities of an increased population, skilled workforce and larger consumer market for the island as a whole.
“Our ambition is to create a more connected, sustainable and prosperous island for all. We will do that through a wide-ranging, sustained programme of investment, delivered through all-island partnerships. By enhancing cooperation and investment on a North/ South basis, we can better address common economic, environmental and infrastructure needs, take up advantages of scale, release the full potential of border regions and enhance connections between people across the island.”
Minister for Foreign Affairs Simon Coveney added:
“I particularly welcome the strong commitment to North/South partnerships in the National Development Plan. This enhanced level of ambition - backed up with a commitment of more than €3.5 billion over 10 years for cross-border public investments - will benefit all communities and traditions and represents a real step change in terms of practical cooperation across the island."
The National Development Plan also presents significant business and employment opportunities, North and South, given the skills and labour demands generated by the scale of infrastructure, green and digital investment by Government between now and 2030.
Building on the commitments in the ‘New Decade New Approach’ and the Programme for Government, Shared Island investment priorities in the National Development Plan will see Government delivering on project commitments and developing a new generation of cross-border public investments and initiatives. These investment priorities include:
Available funding streams for these priorities include the Shared Island Fund; the Project Ireland 2040 funds for rural development, urban regeneration, climate action and innovation; and the PEACE PLUS programme 2021-27, delivered with the Northern Ireland Executive, UK Government and European Union.
The three pillars to the Shared Island investment agenda in the National Development Plan are connectivity, sustainability and prosperity. The government will deliver these priorities through all-island partnerships on a North/South and East/West basis.
Investing to enhance connectivity on the island is a crucial enabler of balanced regional development, sustainable economic growth, recreation and well-being, as well as beneficial community interactions across the island of Ireland. Priorities include:
The island is a single ecological entity, integrated in crucial environmental, economic and social domains. Well-coordinated North/South approaches are imperative for effective policy and public investment actions on the island, in addressing the challenges of climate breakdown and the biodiversity crisis, protecting the common environmental resources of the island and making the rapid transition to a net zero-carbon future.
Priorities include:
By investing and working together on the island, we can have greater impact on the key drivers of prosperity for all regions, and better harness the potential of border areas as the geographic core of a growing, high-value all-island economy. Through coordinated investment and cooperation in areas such as research and innovation, higher and further education, infrastructure, enterprise, and tourism, Government will work to support a more regionally-balanced and prosperous island for all.
Priorities include:
This ambitious and innovative programme for public investment will be delivered through all-island partnerships, in cooperation with the Northern Ireland Executive, including through the North South Ministerial Council; with the UK Government; European Union, and local authority partners.
More information on the Shared Island initiative is available at www.gov.ie/sharedisland