The Government has launched four funds worth €4 billion which are part of the €116 billion Project Ireland 2040 investment which was launched earlier this year.

The Government says the €4bn will be invested in rural development, urban regeneration, climate action and innovation.

€2bn will go towards urban regeneration in five cities including Dublin, Cork, Limerick, Galway and Waterford and 54 other large urban centres.

Another €1bn will go towards developing rural areas and creating jobs in towns with a population of less than 10,000 people.

It will also aim to address de-population in rural communities and make these areas more attractive for families who want to live and work there.

€500mn has been earmarked for initiatives that will help Ireland achieve its climate and energy targets in a cost effective manner.

A further €500mn will be investment in the development of disruptive innovative technologies such as artificial intelligence and robotics.

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The plan aims to achieve balanced regional development.

Taoiseach Leo Varadkar said this strategy will be different to all previous ones because the money will follow the plan.

He said there are opportunities for communities to work together to secure funding.

The plans were contained in the Project Ireland 2040 scheme announced earlier this year.

Additional reporting Mícheál Lehane