The National Development Plan (NDP) has been given clearance by the Cabinet for an additional funding of €2.25 billion. This allocation is aimed at bolstering projects up to the conclusion of 2026 in part to counterbalance the effects of increased construction costs due to inflation.
Despite speculation, Paschal Donohoe, the Public Expenditure Minister, firmly dismissed any link between the earmarked funding and the timing for the forthcoming general election.
According to a Government statement, the additional funding is set to further vital projects, aiding expedited development of significant Coalition commitments including the Climate Action Plan, increased housing and education provisions.
Among the transport schemes that will profit from the funding are Dart+, BusConnects and the Cork commuter rail project.
The increased €2.25bn assigned to the NDP is expected to enhance hospital facilities, as well as social and affordable housing projects.
The Government has made public the revised spending limits for capital in the period of 2024 (€13 billion, an increase of €250 million), 2025 (€14.35 billion, an increase of €750 million) and 2026 (€15.45 billion, an increase of €1.25 billion).
After a review by the government of the NDP, Paschal Donohoe expressed that he had been actively involved with fellow ministers in concluding the most favourable method of allocating the extra funding.
At a media briefing, he denied the announcement had any connection to the general election scheduled to occur by latest March 2025. His comment was clear: “this has no impact or relevance to the timing of the upcoming elections”.
Paschal Donohoe highlighted the significance of advancing numerous crucial projects across the nation, made challenging by inflation-induced construction costs.
Several other key commitments were also referred to, including the establishment of new school institutions and an increase in hospital bed provisions. Presiding over this project’s completion was essential to ensure these crucial developments could proceed. The project was conclusively finalised on this day.