Over €80million has been allocated to support the Waterford North Quays project.

The money was approved in the Urban Regeneration and Development Fund (URDF).

A total package of €110.6m will go towards the regeneration project with €30 million having been committed by the Department of Transport, through the National Transport Authority.

Housing Minister Darragh O'Brien said: "For too long Waterford City and the South East region has suffered from underdevelopment and underinvestment. Waterford’s North Quays in particular, an eight hectare site pivotally located in the centre of the region's City has remained derelict for decades; it has hindered the integration, sustainable development and attractiveness of the City and consequently the surrounding area.

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"The Programme for Government has balanced regional development at its heart because all parts of Ireland must thrive if we are to prosper as a country. This project is a very good example of helping a region to thrive. It’s expected that 1,500 new full time jobs directly related to the construction phase will be created, with private development delivering nearly 2,300 full time jobs by 2026 and the creation of a further 4,500 indirect jobs in the wider community."