SDLP MP for South Down, Margaret Ritchie has said serious questions need to be asked as to why it was decided to pull funding commitment for the Narrow Water Bridge in advance of a formal decision by the Irish Government and the NI Executive on providing additional funding.

Speaking after receiving the news that the SEUPB has formally rescinded their letter of offer on Narrow Water Bridge, the MP for South Down said: "Confirmation that the SEUPB has pulled its funding for the Narrow Water Bridge, just days ahead of a planned meeting with the First & Deputy First Ministers, is not only very disappointing but surprising.

"The SEUPB is very much aware of the efforts being made to secure the required additional funding from both the NI Executive and the Irish Government.

"With meetings planned in the next few days with the First & Deputy First Ministers and in the very near future and an expected meeting with the Taoiseach, it would have been obvious to await the outcome of these meetings to ascertain if the funding gap was going to be met.

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"While we are in no doubt that the problems with funding arose due to the underestimation in the costs of the project by Co. Louth Council, we were all in agreement, including the SEUPB, as proven by independent advice they sought, that the Narrow Water Bridge project would be an economic catalyst for the development of South Down and Louth, and was value for money.

"The independent advice sought by the SEUBP clearly stated that even at the most pessimistic of evaluations the bridge at Narrow Water will provide value for money and indeed the travel benefits of the bridge have increased significantly between 2002 and 2013.

"This enhanced the travel savings benefits from €77 million to €100.2 million and would have a positive effect on the analysis for the project as the revised travel savings outweigh the additional construction costs.

"The SEUPB have been premature in their decision to withdraw funding, and in doing so have taken the pressure of the NI Executive and the Irish Government to step in with the additional funding required that would bring this once in a lifetime economic opportunity to life, and provide the economic stability and tourism opportunities that would have flowed after the construction of the bridge.

"Why did this happen now? Why make this statement in advance of the high level meeting on Monday 18th November?

"Serious questions need to be asked as to why it was decided to pull this funding commitment in advance of a formal decision by the Irish Government and the NI Executive on providing additional funding."

(CD/JP)