Galway targeted in €500m regional cities investment programme

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Five regional cities including Galway will be targeted by a €500 million post-COVID investment programme to expand businesses, and build homes.

The Ireland Strategic Investment Fund announced that half a billion euro will be directed to Galway, Cork, Limerick, Kilkenny, and Waterford.

The goal of this is to create new places to live and work in the cities, helping to regenerate city centres.

The investment programme will be aimed towards scaling up successful start-up businesses, to reach the €1bn “unicorn” valuation within 5 years.

Another cornerstone of the programme will be funding the delivery of 25,000 homes by 2030.

The four pillars of the ISIF programme are Housing and Infrastructure, Climate, Scaling Businesses, and Food and Agriculture.

Minister for Finance, Paschal Donohoe described this programme as “long-term transformational investments”, targeting key challenges facing the country.

He said that the €500 million programme would help unlock the full potential of the five cities.

ISIF Director Nick Ashmore said, “Our new strategy shows just how flexible and adaptable ISIF can be in targeting its resources in the most effective manner possible to support examine activity and employment in Ireland”.

“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.”