A total of €1 billion is to be invested to improve rural towns and villages throughout Ireland.

The Rural Regeneration Fund is an additional government investment and will commence in 2019.

Minister for Rural & Community Development, Michael Ring TD, said: "The objective of the new Rural Regeneration and Development Fund will be to invest in our rural towns, villages and outlying rural areas and in so doing, drive further investment by agencies, local authorities and other public bodies. I look forward to announcing further details of this fund with Minister Donohue in the coming weeks.

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"This fund will be a game changer for rural Ireland. It means a massive increase in targeted investment in our rural towns, villages and rural communities through schemes such as the Town and Village Renewal Scheme, Rural Recreation Scheme, CLÁR and the LIS.

"It is also important to note that the €2 billion Urban Regeneration Fund, which was also announced as part of Project Ireland 2040, will significantly benefit large rural towns. This is new money which will be invested in the 41 population centres with a population of 10,000 or more.

"Most of these are rural towns and this fund will greatly benefit these towns which are so important as community hubs and drivers of the local economy.

"Larger rural towns will also benefit hugely from the €2 billion Urban Regeneration Fund. In addition to this, Project Ireland 2040 contains massive investment in rural Ireland across all Government Departments. For example, €4.5 million will be invested in local and regional roads which are vital to rural life."

(CD/LM)