Cohesion Fund aid worth euro 400 million (£316 millon) will be granted to Ireland until 2003 for infrastructure projects, the European Commission announced today.
Today’s announcement relates to six infrastructural projects - three for waste water, two for roads and one rail project and follows the submission by Ireland of a priorities project list.
The overall cost of these projects is estimated at euro 752 million and the balance of funding will be covered by the Exchequer.
According to the Department of Finance, the three waste water projects will be partially financed by the "polluter pays" principle.
Welcoming the decision, Minister for Finance, Charlie McCreevy, said: "By the time Ireland ceases to be eligible for Cohesion Fund assistance in 2003, the Fund will have contributed over euro 2 billion to the improvement of transport and environment in Ireland."
