Minister Coffey welcomes €500 million regional development funding for Waterford

Fine Gael Waterford Minister Paudie Coffey has welcomed news that the European Commissioner for Regional Policy Corina Cretu and the Southern Regional Assembly recently agreed a new funding plan for regional development in the South East. The 2014-2020 ERDF plan will see half a billion euro invested in Waterford in order to improve local infrastructure. This funding will be predominately concentrated on improving communication networks e.g. broadband etc.

Minister Coffey said:

“European Regional Development Funding has been a key to developing the infrastructure of regional communities and this recent announcement is most welcome. As we know, it is vital that rural regions do not fall behind Dublin in the quality of infrastructure as it is a key marker for companies looking at possible locations.

“If we are to attract new jobs to Waterford and help SMEs to expand and grow, providing appropriate infrastructure is imperative. Investment like this in Waterford will go a long way to supporting growth in the Research and Innovation sector for Waterford.

“This is fantastic news for Waterford and the South East as it is hoped that it will lead for the creation of almost 6000 jobs in small business as it will increase links between SMEs and research centres. Funding for the improvement of high speed broadband will in turn benefit the local communities. Increased employment should revitalize Waterford City.

Minister Coffey stressed the importance of the funds for Waterford:

“Waterford has struggled to compete in the last few years and although we have recently seen an increase in job announcements and a drop in unemployment, it is very important that we continue to strive to attract investment and support job creation. Improving infrastructure is a key element to attracting investment and I am delighted to see that Waterford will benefit from ERDF funding.”

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