The Government has announced a €200 million Capital Development Fund for the racing industry.
The Minister for Arts, Sport and Tourism, Mr O' Donoghue, said the work will be financed through a new Racecourse Capital Development Fund, with Horse Racing Ireland (HRI) providing corresponding funding.
"Horse racing is a hugely popular sport in Ireland, with over 1.4 million people attending races annually," said Mr O' Donoghue.
"To support this growth in popularity, we need to provide the very best facilities at all racecourses. Through this fund a total of €200 million will be invested, with Horse Racing Ireland providing €110 million in grant aid and the balance of €90 million to be provided by the racecourses."
HRI chairman Mr Denis Brosnan said: "This new fund is double the size of the first Racecourse Capital Development Fund. It is essential that we encourage all racecourses to develop high quality facilities.
"The sporting public enjoys first class facilities at Croke Park and shortly will have the same standard at Lansdowne Road. We must plan to match these standards at Irish racecourses," Mr Brosnan said.
HRI's grant aid of €110 million has been provisionally allocated so that premier racecourses, such as the Curragh and Punchestown, receive up to €80 million, with up to €20 million allocated to category one and two tracks.
The remaining €10 million is to be spent on an all-weather track, with a proposal to build the facility at Dundalk being considered.