State to invest €500m in Cork, Galway, Limerick, Waterford and Kilkenny

The strategy also includes funding for the delivery of 25,000 new homes by 2030.

The Ireland Strategic Investment Fund (ISIF) said it plans to invest €500m in Ireland’s five regional cities of Cork, Galway, Limerick, Waterford and Kilkenny.

The funding will result in investment being targeted to each city in the form of new places to work, places to live and enabling investments resulting in the regeneration of the city centres.

The initiative is a cornerstone of ISIF's new investment strategy. Other measures include scaling up of start-up businesses to enable them to reach the €1bn “unicorn” valuation within five years and funding the delivery of 25,000 new homes by 2030.

The ISIF is part of the NTMA and has a mandate for economic development in Ireland. ISIF Director Nick Ashmore said the strategy shows how flexible and adaptable ISIF can be in targeting its resources in the most effective manner by addressing the critical challenges facing the state.

"We are planning a material step-up in our regional investments with a new initiative to unlock the economic potential of our five regional cities by backing transformational projects in each," he said.

"This programme will generate economic benefits, supporting employment and making Ireland a more sustainable, competitive and attractive place both for the people who live here and the employers who can create jobs for them."

"Our new strategy also sets out a range of investment programmes that will back scaling-up businesses; deliver additional housing to build on our progress to date; and underpin the ambition displayed in our domestic food and agri sector, which has become a true global success story."