A draft framework has been published for investment in land transport for consultation.

The findings and conclusions of the work undertaken will contribute to the development of a new multi-annual capital funding framework 2015-2019 and subsequent capital funding programmes.

Minister for Transport, Tourism & Sport, Paschal Donohoe, T.D. said the work considers investment requirements over the period to 2040 and will, therefore, also contribute to investment decisions over the longer term.

Minister Donohoe said: "This work highlights a number of important issues with regard to transport investment. For example, it clearly outlines the value of capital investment in transport, and that investment in good transport projects provides a return on investment and, ultimately, jobs. It also shows that our present levels of investment are not consistent either with our own historic norms, or with the investment levels of our peers. However, perhaps the most striking message is the scale of the gap between available funding levels and the level of investment that is necessary to maintain the existing transport network in adequate condition, even if all available funding is used to keep our existing infrastructure in its current state.

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"Given such constraints, we have to ensure that all transport investment is focused and prioritised to secure the most advantageous outcomes for our economy and our people. However, we must also be alert to the fact that underinvestment in transport does adversely impact on our competitiveness, our potential for economic growth, and indeed the welfare of our citizens."

(CD/IT)