A €282m roads project at Newlands Cross has been given Government approval.
The contracts for the first Public-Private Partnership road contract since 2007 was signed with BAM in what Minister for Transport, Tourism & Sport, Leo Varadkar has described as a milestone in Ireland’s economic recovery.
The works will remove the bottleneck at Newlands Cross on the N7 Limerick/Cork/Waterford Road in Dublin, and upgrade the N11 between Arklow and Rathnew to a four lane dual carriageway.
"These projects will make a huge difference to road users and will finally remove two bottlenecks which were not addressed during the boom," Minister Varadkar said.
The Minister said he was confident that the N11 would improve safety standards as soon as it was opened and the Newlands Cross fly-over would remove the last traffic lights between Cork, Limerick, Waterford and the border.
Over 80,000 vehicles pass through Newlands Cross every day.
This is the first transport Public Private Partnership to be signed since the economy ran into trouble in 2007 and shows that Irish transport agencies can once again raise private finance to invest in crucial transport infrastructure. The two projects have been bundled together into a single contract.
It's expected that the entire project should be completed within two years, while on-site works are expected to begin within weeks.
Funding of more than €150 million has been provided under Public Private Partnership including a major funding provision from the European Investment Bank and Bank of Ireland, and a stand-by credit facility from the National Pension Reserve Fund.
The contract has been signed with BAM PPP PGGM Infrastructure Cooperatie, BAM’s investment joint venture with Dutch pension fund service provider PGGM, together with BAM Contractors.
Other road projects that are still pending under Public Private Partnership include:
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