Connaughton welcomes cabinet backing for M17 funding plan

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News that the Cabinet has agreed to issue a letter of guarantee in relation to the Gort/Tuam M17 project was today welcomed by Paul Connaughton T.D.

            ‘Today’s decision by the Cabinet is another milestone in the progression of this important route for County Galway. It underlines this Government’s commitment to the project and allows the NRA to continue to seek funding overseas for the project.

            ‘This is a major project, twice the size of the Newlands Cross project which was closed off financially in April of this year. Because of the size of the development, funding from overseas is necessary and financial institutions considering becoming involved in this project have sought a letter of guarantee in relation to the NRA funding. This letter was approved by Cabinet today.

            ‘The Government is aiming to have the finance in place for this project by the middle of next year, but this guarantee is an important step in terms of securing funding.  However, much work now remains to be done to secure the finance for the project before proceeding to the construction phase.

            ‘It’s a key project for the County and one I have been working on for a number of years.  The construction phase will provide a welcome jobs boost, but first all the necessary funding has to be put in place and today’s letter is an important element in that process.’