A funding scheme planned to give rise to €315bn worth of investment in the EU was officially launched yesterday — but amid mixed views on its effectiveness.

Initial discussions have taken place between the Government and high-ranking European officials to locate a world-class ocean laboratory on the Irish coast which could help solve international food issues.

Failure to invest in critical regional infrastructure could jeopardise economic growth in the south of the country and limit business development, according to Fine Gael MEP Seán Kelly.

The State has agreed a contract for the development of Ireland’s first healthcare public private partnership (PPP) project. The €140m scheme, part of the Government’s €2.25bn Infrastructure Stimulus Progamme, will provide a network of primary care facilities.