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Shannon-Foynes Port Company has been awarded over €2.3 million in co-funding under the European Union’s Connecting Europe Facility (CEF). CEF funding supports projects on the EU’s Trans-European Networks in the fields of transport, energy and telecoms.
The funding awarded will support a feasibility study to prepare for future development of a new deep-water berth and associated infrastructure at Foynes Port, Limerick. The required infrastructure includes the construction of a bridge to link the new deep-water berth to the existing port area on the mainland. It will also consider internal rail infrastructure.
The Shannon Estuary counts among the largest gateway areas in Europe and is one of Ireland’s deep water ports, regularly facilitating large vessels. This development at the Port of Shannon-Foynes will generate a considerably higher level of freight traffic and enhance connectivity along the North Sea-Mediterranean Corridor.
Reacting to the funding announcement, Minister for Transport Eamon Ryan T.D. said: “This is really positive news for Shannon-Foynes Port Company and for Ireland. International connectivity is critical for our economic development.
This feasibility study by Shannon-Foynes Port Company will provide the basis for a new deep water berth which can accommodate larger vessels and meet projected demand in the coming years. The project has also been designed to facilitate the potential role the port can play in the expansion of offshore wind energy in the future.”
Minister of State Hildegarde Naughton T.D. also welcomed the news: “At EU level, the port is part of both the Atlantic and North Sea – Mediterranean TEN-T Core Network Corridors. Irish ports continue to benefit from financial backing by the European Union through the Connecting Europe Facility programme. This award of over €2.3 million to Shannon-Foynes Port Company represents another strong signal of the important role the port and its hinterland areas play in the EU’s TEN-T network.”
The European Commission announced the selection decision of the call on 15 July and the full list of projects proposed to be funded is available here.
ENDS
Note for Editors:
The Connecting Europe Facility (CEF) is a key EU funding instrument to promote growth, jobs and competitiveness through targeted infrastructure investment at European level. It supports the development of high performing, sustainable and efficiently interconnected trans-European networks in the fields of transport, energy and digital services. CEF investments fill the missing links in Europe's energy, transport and digital backbone.
Funding under CEF is delivered in the form of grants allocated following competitive calls for proposals. Funding rates vary depending on the call for proposals and the type of project, generally ranging from 20% to 50% of eligible costs.
In addition to grants, the CEF offers financial support to projects through innovative financial instruments such as guarantees and project bonds. These instruments create significant leverage in their use of EU budget and act as a catalyst to attract further funding from the private sector and other public sector actors.
A new CEF programme will be implemented for the period 2021 – 2027. It will support the goals of the Commission’s Sustainable and Smart Mobility Strategy (December 2020) laying the foundation for how the EU transport system can achieve its green and digital transformation and become more resilient to future crises. As outlined in the European Green Deal, the result will be a 90% cut in emissions by 2050, delivered by a smart, competitive, safe, accessible and affordable transport system. It will also prioritise environmentally friendly modes such as rail and the development of charging points for vehicles using alternative fuels.
It is expected that the first call for proposals under the new CEF Programme will be launched in September 2021.