The board of Galway Airport has said it is confident about the airport's future despite a decision to cut off all State funding by the end of the year.

The board met its majority shareholder Galway Chamber this morning to consider its financial prospects.

It said it will seek new investors to help secure the airport's future.

'The Board has commenced the necessary engagement process with stakeholders and industry specialists to ensure the airport's long term future,' it said in a statement.

Minister for Transport Leo Varadkar had told the board it must find new sources of funding, if the airport is to have a future.

Galway Airport needs a cash injection of €1.2m next year to stay in business.

Minister Varadkar has made it clear that the airport will not be getting it from the Government.

Mr Varadkar said the airport must find new backers and investors and 'explore its ongoing viability with them'.

The Government is to continue funding the airport's operating costs until 31 December.