The European Commission is analysing the Irish government’s request for €115 million in grants under the EU’s Recovery and Resilience Facility (RRF).
The RRF was set up after the covid crisis to re-energise the European economy. Across Europe €650 billion was allocated for investment in reforms and new projects.
The money is made up of roughly half loans and half grants.
Ireland was allocated more than €1 billion.
A large chunk of the funding must be spent on green projects.
Ireland wants to use some of the money for transport in Cork including the electrification and upgrade of Cork commuter rail.
Other green projects include improving energy efficiency of buildings across Ireland and restoring wetlands.
Just days before Christmas, the European Commission received the second payment request from Ireland for €115.5 million in grants.
This tranche of money will be used “to bridge the digital skills gap through targeted training programs, enhance healthcare quality through the establishment of Community Health Networks, and increase access to affordable housing in Ireland.”
In terms of investment, the second tranche, if approved, will be asigned to “the Cork Commuter Rail, the improvement of digital infrastructure by installing broadband routers in schools, the establishment of four European Digital Innovation Hubs in Ireland, and the launch of the Green Transition Fund to help businesses move away from fossil fuels and towards more sustainable alternatives.”
The EU must decide that the projects meet the objective of the RRF funding and ensure that the money will be well spent.
“The [European] Commission will now assess Ireland’s fulfilment of the milestones and targets linked to this payment request. It will then share its preliminary assessment with the Council’s Economic and Financial Committee.”
A final decision is expected to take a number of months.