Irish News

Saturday 26 July 2014

New Luas line gets on track with EU bank's low-interest loans deal

Paul Melia Environment Correspondent

Published 05/03/2014|02:30

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The European Investment Bank has agreed to provide Eur 150 million to support construction of a new connection between the Red and Green lines on Dublins LUAS. Pictured at the signing of the forml agreement yesterday was from left at front, Minister for Transport, Tourism, Sport Leo Varadkar and Jonathan Taylor European Investment Bank Vice President of Ireland with Werner Hoyer President of the European Investment Bank, Minister of State for Commuter and Public Transport Alan Kelly Minister for Public Expenditure and Reform Brendan Howlin pictured in backround.
Pic Steve Humphreys
4th March 2014.
Minister for Transport, Tourism, Sport Leo Varadkar and Jonathan Taylor European Investment Bank Vice President of Ireland with Werner Hoyer President of the European Investment Bank, Minister of State for Commuter and Public Transport Alan Kelly Minister for Public Expenditure and Reform Brendan Howlin.

Bank president Werner Hoyer said €150m would be provided for the €368m Luas line, and another €150m was expected to help fund the 57km Gort to Tuam motorway, which will cost some €550m.

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Speaking in Dublin, he said he was pleased to confirm that funding for the new Luas line had been approved, and that the bank expected to diversify lending into other areas.

"I'm please to confirm that the EU bank has delivered and stepped up investment," he said. "Targeted, smart investment is essential in such challenging times.

"The bank also expects to diversify lending into other areas." The money is being provided over 25 years, and is expected to be about 1pc cheaper than borrowing on the international markets.

Bank vice president Jonathan Taylor also said it hoped to secure €150m for the Gort to Tuam project, which would help "renew interest" in the Irish public private partnership market.

In addition, the bank was also looking at providing funding for the M11 Gorey to Enniscorthy motorway, and N25 New Ross bypass.

Work is well underway on the 5.7km Luas Cross City line, which will link the Red and Green lines when it opens in 2017.

Irish Independent

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