Devolution funds to aid North's economy
The Government is hoping to create five new cross-border funds to boost the North's economy if devolution is restored, Minister for Finance Brian Cowen revealed today.
Mr Cowen told a business breakfast organised by the SDLP in Derry that he is working with his counterparts in Belfast and London on the scheme.
He also urged politicians in the North to seize the opportunity of setting up a power-sharing government because suspension of the political institutions was holding back the economy.
"With regard to the concept of all-island funding, the Irish Government proposes to develop all-island funding in the following areas: education, skills and innovation; energy research including renewable and sustainable energy; regional development; tourism development; poverty, social inclusion and community infrastructure," he said.
"In some cases, these National Development Plan proposals involve more effective use of existing funding on an all-island basis. Other projects will involve a significant investment in Northern Ireland by the Irish Government.
"Necessary provision will be ringfenced and is provided for in the unallocated reserve in the plan. The details will be finalised in discussion with the British Government and the Northern Ireland Executive on restoration."
The Government has already outlined a number of infrastructural projects north of the border which it is prepared to invest in for the benefit of both sides of the border.
Under the National Development Plan announced last month by Mr Cowen, the Government has said it intends to invest in the following:
The completion by 2013 of a high quality road network on the inter-urban routes linking the major population centres of Dublin, Belfast and the north-west - particularly the Letterkenny to Derry gateway;
The future development of the Dublin to Belfast rail line as part of an integrated railway network serving other major population centres north and south;
Improved access for tourism and other opportunities along the eastern corridor, improving links between Counties Louth and Down;
A significant upgrading of higher education capacity in the north west and border region with strategic alliances between educational institutions on both sides of the border;
New schemes to promote the movement of graduates throughout the island, graduate retention and access for people from disadvantaged areas to higher education;
A comprehensive study on education co-operation overseen by both government departments in Dublin and Stormont;
A study of health co-operations overseen by the relevant Government departments and agencies on both sides of the border;
The maximising of the potential for cross-border cancer services;
Support for the development of the Ulster Canal.
