€130m in funding to be sought from Euro banks by Cork County Council

€130m in funding to be sought from Euro banks by Cork County Council
Cork County Hall

Cork County Council is planning to borrow €130m from two European banks for infrastructure projects – which will represent one of the largest loan ever sought outside the State by a local authority.

The council has been in discussion with officials from the European Investment Bank (EIB) and the Council of Europe Bank (CEB) since the mid-2018 about borrowing the money, which will go towards a total of €244m of projects it wants to progress within the next 10 years.

They include town centre public realm upgrades, the development of inner relief roads, public park and amenity upgrades, economic development and energy-efficiency projects.

County councillors today approved the proposed borrowing.

The council's chief executive Tim Lucey said there are enormous benefits to seeking the funding.

“This is a highly strategic move by Cork County Council which will allow us to respond to Ireland 2040 and our County Development Plan.

This is the first ever move by the council of this type of strategic funding approach and will enable us to be progressive and responsive to the needs of towns and villages.

Mayor of the County of Cork, Cllr. Patrick Gerard Murphy said: “This funding will provide a framework for Council to respond to the likes of the Bantry Relief Road and Castletownbere Public Realm and Traffic Management Plan, delivering real progress and improvements for the people of County Cork.”

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