EUR 110m EIB backing for M11 Gorey to Enniscorthy upgrade
OREANDA-NEWS. The European Investment Bank, Europe’s long-term lending institution, has agreed to provide EUR 110 million for upgrading the M11 road in south-east Ireland. The new road project will allow traffic on the main route between Dublin and Wexford to bypass the town of Enniscorthy.
“The M11 PPP scheme will bring important economic benefits to the south east both regionally and locally. It will improve connectivity, reduce traffic congestion and increase the attractiveness of bypassed communities as places to shop, to visit, to work and to live. I am also very pleased to say that between 250- 300 jobs will be provided during the construction phase of the scheme, bringing welcome employment to the area as the scheme is progressed”. said Paschal Donohoe T.D., Irish Minister for Transport, Tourism & Sport.
“The M11 is the fourth Irish PPP financed by the European Investment Bank since 2012 after Schools bundle 3, the N11 and N17. The M11 project is a very significant project for Wexford and the South East of Ireland and represents yet another significant step in the upgrading of this strategic link in the national road network. In addition to creating jobs during construction, this new motorway will connect communities and will improve safety on the route.” said Brendan Howlin T.D., Irish Minister for Public Expenditure and Reform.
“Upgrading the M11 is a key infrastructure scheme that will remove a well-known traffic bottleneck, reducing congestion and improving journey times in the south-east of Ireland. The European Investment Bank is pleased to continue our support for transport investment in Ireland in cooperation with the National Roads Authority, Irish and international investors. Improving the long-awaited M11 will benefit both the people of Enniscorthy and support thousands of jobs across the country.” said Jonathan Taylor, European Investment Bank Vice President.
The project to upgrade the M11 between Gorey and Enniscorthy will include three new sections of road. These include upgrading 26km of the M11 to motorway standard, construction of a 4km dual carriageway connection to the N11/N80 and a 8km bypass west of Enniscorthy. The road should be open to motorists in 2019 and also reduce traffic in Ferns and Camolin.
Financial close on the M11 Gorey to Enniscorthy PPP project was reached earlier this week between the National Roads Authority and a consortium led by BAM Iridium and construction is expected to start in January 2016.
Support from Europe’s long-term investment institution represents around 50 per cent of the project’s senior debt.
Over the last 5 years the European Investment Bank has provided nearly EUR 3 billion for investment in Ireland. Support for public-private partnerships intended to improve crucial national infrastructure in Ireland has included the N17-N18 Gort to Tuam motorway, the N11-N7 upgrade and the Luas cross city link in Dublin.