€3bn from sale of state assets to fund employment

All €3 billion raised from the sale of state assets will be used to fund job creation following extensive negotiations with the Troika, said Reform Minister Brendan Howlin.

Initially, the EU and IMF wanted the country to sell €5bn worth of assets, such as Bord Gáis and Aer Lingus, and use all the money to pay down the country’s €170bn debt. This was later reduced to€3bn,with 66% to go towards the debt.

Mr Howlin said he received a very positive response from the European Investment Bank to engage with the new approach and support projects funded by public private partnerships.