Fine Gael Waterford Deputy, Paudie Coffey, has welcomed news of a regeneration initiative in Waterford City that will take place as a result of the Finance Bill.

Deputy Coffey said an initiative such as this, which should act as a boost to the local economy, is long overdue.

Mr Coffey said: "This scheme will be targeted towards owner/occupiers and will be piloted in Waterford and Limerick City. It will apply to Georgian buildings that are in a state of disrepair and will allow for refurbishments to be made to bring these dwellings and retail units up to standard to make them habitable and improve their condition.

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"This initiative is the result of the Taoiseach calling on all Ministers to look at viable measures that would create jobs and improve the economic environment. I have met with Ministers and requested that, given the economic situation in the South East, they would look at introducing additional incentives which would get our local and regional economy back on track.

"This initiative comes on the back of an announcement yesterday of a €44 million investment by Sanofi in Genzyme's biotechnology campus in Waterford, both of which are extremely welcome. However, with the situation as it is in the South East Region more still needs to be done. I am making renewed calls for a focus to be placed on the South East which has the highest unemployment rate in the State at nearly 20% in a bid to address the current crisis and reduce the unemployment figures.

"I have called, on many occasions, for a cross departmental approach to be taken in order to tackle the crises in the South East that have engulfed Waterford over the course of the last number of years."

(CD/GK)