The Government has unveiled the new National Development Plan, which will involve total spending of €184 billion.
Called 'Transforming Ireland - A Better Quality of Life for All', the plan covers the period from 2007 to 2013 and will be funded almost entirely from the Exchequer.
The Government says it is aimed at addressing economic weaknesses which include significant infrastructural deficits, unbalanced regional development, disadvantaged areas, housing affordability, science and technology and concerns about loss of competitiveness.
A breakdown shows that €54.7 billion will be spent on economic infrastructure; €20 billion on enterprise, science and innovation; €25.8 billion on human capital; €33.6 billion on social infrastructure; and almost €49.6 billion on social inclusion.
The Government said the plan was necessary as the population had increased by 8% since 2002 and would rise by another 12% in the next 10 years, increasing pressure on services and infrastructure.
It said the plan was affordable on the basis that the economy would grow by an average of 4% to 4.5% over the period. The plan provides for significantly higher levels of investment than those proposed by the ESRI think-tank.
The Government said all projects would be evaluated and implemented with the aim of providing value for money, while an annual report on the plan's progress would be submitted to the Oireachtas.
Finance Minister Brian Cowen said we had a unique window of opportunity to 'get it right'. He said the plan would demand 'rigorous monitoring' and a prudent approach to budgetary policy to ensure value for money
For the first time, the plan includes proposals for investment in North/South projects, which the Government hopes to agree with the British Government and a restores Northern Executive. The areas identified include upgraded road and rail links between major cities, a single electricity market, the North/South interconnector, studies on health and education co-operation and a possible re-opening of the Ulster Canal.
