Business ETC uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more »
Dublin: 10 °C Wednesday 19 June, 2013

€200m EIB loan to finance 23 Irish water investment projects

The projects will provide new water mains, water and wastewater treatment facilities and reservoirs, as well as measures to improve water conservation.

THE EUROPEAN INVESTMENT Bank will provide a loan of €200 million to support improvements in Ireland’s Water Services Investment Programme (WSIP), it was announced today.

The loan will finance 23 projects in 11 counties around the country to provide new water mains, water and wastewater treatment facilities and reservoirs, as well as measures to improve water conservation.

Minister for The Environment, Community and Local Government Phil Hogan TD said the loan is an indication of the bank’s confidence in Ireland and our recovery programme and is “a good signal for securing third party financing in the future”.

Hogan said a programme of water sector reform is currently underway in Ireland, which will see the responsibility for water services delivery moving from local authorities to a new public utility.

“This will fundamentally change the approach to funding capital investment in the sector in the years ahead including access to third party financing to address the considerable investment requirements of the sector,” he said. “These reforms will benefit individual householders, but will also attract industries with high water usage like agri-food, pharma-chem and IT.”

Total of 23 projects

A total of 23 individual projects included in the WSIP will benefit from the investment. The water investment initiative also includes replacement of over 300km of old water mains in Dublin City, South Tipperary, Galway and Limerick. In addition the project will increase drinking water supply through two new reservoirs in Kerry and North Tipperary.

Waste water treatment will be enhanced through six new treatment plants in Kildare, North Tipperary, Kerry, Galway and Roscommon. Three local schemes will specifically ensure safe drinking water supply and 28km of new water mains will be laid in Kildare and 13km in Longford.

Four of the projects relate to water conservation with the primary objective being to reduce water loss in the distribution networks. Seven of the projects relate to improvements in water supply infrastructure. A particular focus of investment in this area is addressing risks to public health by the improvement of the quality and supply of drinking water. The remaining twelve projects relate to the improvement of wastewater infrastructure.

The European Investment Bank will provide a 25 year loan and enable quicker implementation of the investment programme. As for all EIB Irish sovereign lending the loan is signed with National Treasury Management Agency (NTMA) acting on behalf of the Irish state. Following agreement of the EUR 200 million loan a first tranche of EUR 100 million will support immediate investment and a second tranche will follow as the investment programme progresses.

During 2012 the European Investment Bank provided €504 million for long-term investment in Ireland. This included support for Irish schools, renewable investment projects and lending to small businesses.

Read: European Investment Bank provides €155m loan to Bord Gáis for wind farm>

  • Share on Facebook
  • Email this article
  •  

Read next:

Comments (36 Comments)

  • Fighting For Water And Democracy
    Struggles against the privatization of water supplies have already erupted in a number of countries. In Bolivia in 1999, the government responded to structural adjustment policies of the World Bank by privatizing the water system of its third largest city, Cochabamba. The government granted a 40-year concession to run the debt-ridden system to a consortium led by Italian-owned International Water Limited and U.S.-based Bechtel Enterprise Holdings. The newly privatized water company immediately raised prices. Although the minimum wage stood at less than $65 a month, many of the poor had water bills of $20 or more. Water collection also required the purchase of permits, which threatened the access to water for the poorest citizens.
    http://multinationalmonitor.org/mm2001/01september/sep01corp2.html

    Mass local opposition in Cochabamba coalesced in the Coalition in Defense of Water and Life, known as La Coordinadora, which demanded the water system stay under local public control [See “The Fight For Water and Democracy,” Multinational Monitor, June 2000]. After weeks of intense protests, in April 2000, La Coordinadora won its demands when the government turned over control of the city’s water system, including its $35 million debt, to the organization and cancelled the privatization contract. La Coordinadora achieved the first major victory against the global trend of privatizing water resources.

    Reply
    • Big Phil didn’t read that part of the script, it never ceases to amaze why politicians think the general population are a bunch of idiots that can’t see through their propaganda

      Reply
    • The future wars of this world will be fought over water, not oil. Ireland needs serious investment in water infrastructure. I’ve always paid water charges wherever I lived because water doesn’t produce itself at my tap or clean itself for free. Those that campaign for no water charges yet also campaign for a pollution free Ireland need to get a dose of reality. You can’t have both. I know the government is going to take the piss and price gouge everyone. That’s a given. But we are paying for our future water supply and frankly I think it’s pretty damn important to make sure there is something clean coming out of the tap and even more so, there actually is something to come out of the tap.

      Reply
    • Water charges are likely to be abolished in the next election if Independents/SF are given a chance.

      Reply
  • if Phil thinks 200m will finance those 23 projects the flouride has damaged his brain, or maybe he thinks its fecked up ours. Last year to spin the water charge bill they had report stating the estimated €4- 500m would not replace 1/5 of Dublin’s outdated water mains. The costs of these and other projects including the setting up of Irish Water to be run by Bord Gas will balloon beyond belief , these gangsters will want their money back plus their billions in profits , guess who Philly Boy told them who “will” pay ?

    Reply
  • How does fluoride clean water John? Its an old school method of keeping teeth in the publics head but its been proven as harmful in moderate quantity. No need for it these days. Also, the clear smell of chemical coming off some of the Dublin’s supplies is worrying.

    Reply
  • Wait till they start digging up lthe roads to replace pipes. They won’t put the roads back properly. Pot holes are coming,your way.

    Reply
  • Our water is still undrinkable over the high fluoride content.

    Reply
  • KMart 24/01/13 #

    More good news from Big Phil.
    We are getting a loan from our EU overlords to pay for equipment which will be used to tax citizens water to pay back other loans to our EU overlords!

    Another “Bailout” while the ship sinks.

    Well done Phil.

    Reply
  • Not just that. Ireland is a bankers/elite cash cow with no limits it seems.

    1. Our corrupt politicians make sure we pay 42% of europes banking debt and also by borrowing from them to do so.
    2. Strip us of one of the prized assets – Water. And charge us for laying the infrastructure to do so. Again, borrowing from them at interest.
    3. Give away all our oil, gas, minerals and rare metals for next to nothing.
    4. Export a vast amount of our renewable energy resources for less than the market value, while we as a nation must buy back our own oil and gas thats been stolen from us at market value.
    5. Let major corporations swindle their tax payments through our country and pay us next to nothing in corporation tax. Granted, we get employment, but so would any other country they could setup in where corp tax is much higher.
    6. Again, producing major drug types for diseases but paying ABOVE the market rate.
    7. Build/subsidise the cost of major roads and then sign them away to foreign companies.
    8. Set up National Car Testing centres and again, outsource them to foreigners.
    9. Create a false economy in the construction sector where Irish build house and sell them to eachother at mental prices. Thus leading to a recession where we have to borrow even more monoloply money to run the country and use the very same houses as a means to tax us to pay for the above.
    10. Paddy Taxes-The excuse of using the ‘Economies Of Scale’ to charge us extortionary rate/tarriffs/fees for goods&services

    Reply
  • Water charges are likely to be abolished in the next election if Independents/SF are given a chance by the Irish people. We should be cutting our spending and give the middle class breathing space to help our economy grow.

    Reply
    • This investment will create jobs and stimulate the economy. Progress must be made. We can’t just let the country fall apart.

      Reply
    • You’re missing the bigger picture: Ireland does not need water charges or a property tax. The Irish people do not want them either. There are alternative avenues: spending cuts and rolling back tax cuts on the top 10 per cent.

      Reply
    • Mark
      Oh dear oh dear oh dear. Not more of the discredited tax ideas from Sinn Fein. Would you ever look at what caused our economic collapse just a few short years ago and recognize the problems associated with the pretense that the tax base can be narrowed and the wealthy can pay three and four times more. This sounds more and more like the old Fianna Fail rhetoric that caused us the loss of our sovereignty.
      Fool me once ………….

      Reply
    • M Bowe 24/01/13 #

      Please tell me where and by whom has sinn fein taxation policy has been discredited. They have mostly advocated untried and untested methods of revenue collection. Untried and untested because all prev. Governments have protected their buddy class.

      Reply
    • I would prefer seeing USC abolished rather than water charges. I can (to some degree) control how much water I use so that I don’t pay too much (shower in work, don’t wash car etc. for example), but I can’t control how much tax is taken straight form my wages.
      I don’t see anyone getting rid of water charges though – It would just mean raising other taxes, shutting down a company and losing jobs. As we should all know politicians will promise the moon to get elected – doesn’t mean they will do it.
      I think Fine Geal are front loading these tax increases and charges only to cut some in their last budget to essentially try and “buy” the next election, a la Fine Fail. That’s my prediction anyway.

      Reply
    • If we all stopped wasting clean drinkable water there would be no shortage of water and less need for massive infrastructure investment. We use drinkable water to flush our toilets, water grass, wash cars etc. we should all be collecting rain water for those kinds of uses. Every house should get a modest allowance of free water paid for by the tax payer to cover drinking, dish washing etc and if you waste water by watering your grass or not fixing leaking pipes you pay! We would all get clever about water usage then.

      Reply
  • The big issue is how long these charges last until an election.

    Reply
  • The loan for the improvements will be paid via the tax payer, then the improved water system will be sold to a private company so we can continue paying for the improved water system we have already paid for,
    Meanwhile Hogan thinks he great,

    Reply
  • the water here is crap, smells of foreboding. Safer drinking plutonium

    Reply
  • Great more fluoride poison water for everyone!!

    Reply
  • Tús Nua 24/01/13 #

    If you want to drink the safe stuff then tilt your head back and wait for the rain

    Reply
  • I’m all for upgrading the water infrastructure. You have to be suspicious of the timing. This is exactly what the IMF did in south America and other places to sell loans that couldn’t be repaid. Read “confessions of an economic hitman”

    Reply

Add New Comment