The plans are part of the Government's new big vision plan, Project Ireland 2040.
Limerick Senator, Maria Byrne, welcomed the announcement and said the plan will support families and strengthen communities across Limerick.
She said: "The National Planning Framework which forms part of Project Ireland 2040 sets out how Ireland can grow in a sustainable, balanced fashion over the next twenty years. Fifty per cent of population growth is planned for our towns, villages and rural communities and 50% for our cities. Project Ireland 2040 is backed and supported up by a €115bn National Development Plan.
"Our population is expected to have increased to six million people by 2040 and, without any State intervention, this will result in ongoing shift in population and jobs towards Dublin and the neighbouring counties. We must instead focus on growing cities like Limerick and the mid-west region.
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"The M20 Limerick-Cork road forms a significant part of Project 2040 and it will bring huge benefits to commuters and businesses in the region. Other road projects that will improve connectivity and efficiency and support urban renewal in Limerick, include, the Coonagh to Knockalisheen road development project, the N21 / N 69 Limerick to Adare to Foynes, and the Shannon Crossing / Killaloe Bypass / R494 upgrade.
"The Shannon Group Investment Programme will see a significant investment of €150m through its capital programme to 2022 which will be great for the development of the region. This funding will be used to develop Shannon Group’s property portfolio, and the construction of a hangar at Shannon Airport all of which will hugely assist developing its tourist attractions. Almost €108 million has been allocated to Fáilte Ireland nationally for capital investment in Tourism Product Development and they will continue to invest in the priority areas that will deliver sustainable growth in the Irish tourism sector resulting in higher revenue and more jobs.
"Continued investment in the Limerick Regeneration Programme will see the completion of the works identified in the 2013 Limerick Regeneration Framework Implementation Plan, with the delivery of some 400 new homes and the upgrading of 900 homes across the areas of Moyross, Southill, Ballinacurra Weston and St Mary's Park. A programme of social and economic initiatives for Limerick will also be advanced over the coming years."
(CD/LM)
