Irish Transport Minister, Noel Dempsey has welcomed the decision by the European Investment Bank Board to accept the recommendation of its Management Committee to approve a loan of up to €500million for Metro North.

Minister Dempsey said: "This decision is an important signal of confidence in this priority public transport project for Dublin.

"Metro North is now well on track for delivery in 2016.

"The oral hearing before An Bord Pleanala on the railway order application for Metro North, concluded in March this year. The An Bord Pleanala decision is anticipated this summer."

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In addition, the Railway Procurement Agency has short-listed two PPP consortia under the PPP procurement process and will continue work with a view towards financial close in 2011.

Mr Plutarchos Sakellaris, European Investment Bank Vice President responsible for Ireland said: "The Metro North project represents a significant contribution to sustainable urban transport in the greater Dublin area and will be the backbone for a future integrated public transport network in the Irish capital. The European Investment Bank looks forward to working closely with the Irish authorities and the bidders involved in the Dublin Metro project."

Minister Dempsey concluded: "European Investment Bank support for infrastructure projects in Ireland (especially in the current difficult global economic climate) is very much appreciated.

"This current approval also demonstrates a recognition that the projects supported to date have all been substantial projects which have, and will contribute to economic development in Ireland. It is very welcome news indeed."

(NS/BMcC)