€33m loan to develop local projects
Towns and villages throughout Cork could be in line for further works after the council secured a multi-million loan from the Council of Europe Development Bank (CEB).
The loan is worth some €33.7m and will be used to support the council’s Social Sustainability Investment Programme which has been developed by the council to maximise potential growth and ensure a sustainable future for Cork County.
A broad-ranging portfolio of projects totalling in excess of €250m has been identified by Cork County Council and planned for delivery over an 8 to 10 year period. In order to deliver on this programme, the council has been in discussions with the CEB and has signed the framework of a loan agreement to push this forward.
Urban infrastructure and public spaces, public and culture buildings modernisation, flood protection and drainage, broadband and business incubation, walking/cycling facilities, flood prevention and adaptation to climate change are all expected to benefit from investment. Mayor of the County of Cork, Cllr Mary Linehan Foley, said the loan will “contribute to ensuring the continued economic and social sustainability of our communities”.
“Improvements to our road networks, enhancements to our town centres, flood protection and investment in our heritage and tourism amenities will ensure Cork County continues to be a wonderful place to live, work, visit and enjoy for all,” she said.
Tim Lucey, chief executive of Cork County Council, added, “Cork has been set a of delivering in the region of 23% of the State’s overall population growth by 2040. This demands coordinated strategic planning and investment. In tandem with central government Urban and Rural Regeneration and Development funding streams, this €33.7 million loan agreement with the Council of Europe Development Bank will allow us to support a strategic investment programme, implement development plans, support communities and drive economic performance across the entire county.”
It is the latest tranche of funding available for projects throughout the county.
Mr Lucey explained the Covid-19 pandemic has demonstrated the need to invest heavily in local projects to help local towns and villages thrive. The council has established funding streams to boost some such projects.
“Cork County Council’s Project ACT, although developed as part of our response to Covid 19, has brought these plans into focus, illustrating the importance of reactivating and reinforcing our towns and villages, underpinning our commutarget nities to achieve their full social and economic potential,” Mr Lucey said.
Speaking via tele-conference link from Paris, Governor of the Council of Europe Development Bank (CEB), Rolf Wenzel said they were pleased to be able to contribute to such projects.
“CEB is pleased to support Cork County Council’s Social Sustainability Investment Programme,” he said.
“We were convinced by the Council’s systematic approach to identifying infrastructure projects that benefit the most vulnerable populations of Cork County.”
The Council of Europe Development bank signed a €33.7 million loan agreement with Cork County Council to support the Council’s Social Sustainability Investment Programme. The Mayor of the County of Cork, Cllr. Mary Linehan Foley with Conor Mooney (Ieft), Head of Business Transformation (CEB) and Tim Lucey, Chief Executive, Cork County Council at the virtual contract signing.
Ferry Point from Youghal quayside. Campaigners are rowing in behind plans to restore the cross-river ferry in Youghal.