Ireland budgets for €4.8bn of private infrastructure investment

The Irish government needs billions of private infrastructure investment after its budget revealed it could not afford its capital spending plans.

Finance Minister Brian Lenihan revealed a €4.8 billion hole in a planned €31.4 billion infrastructure spend intended to boost the flagging economy over the next five years- forming part of Ireland’s National Development Plan to inject cash into rail, water and roads.

“I believe that there is scope to access significant private funds for infrastructure projects in order to sustain as many construction jobs and as much activity as possible,” Lenihan said in the budget.

The government also said it was in talks with the pension industry about a €3 billion funding initiative to support existing publicly funded infrastructure projects.