The Railway Procurement Agency (RPA) has announced details of the two tenderers selected to proceed to the final stage of the Metro North PPP procurement competition - an eventual scheme that will generate 4,000 construction jobs.

The successful firm are Celtic Metro Group, made up of Barclays Private Equity, Obrascon Huarte Lain, Mitsui, Soares da Costa, Iridium Concesionesde Infraestructuras S.A., CAF and MTR; and Metro Express, encompassing Macquarie Capital, Global Via Infrastructuras, Allied Irish Bank, Bombardier and Transdev RATP.

RPA said it was pleased with the level of competition in the Metro North procurement process to date and believes that the final stage of the competition can deliver a value for money solution for the state whilst providing an important stimulus to the economy.

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Under the Metro North Public Private Partnership (PPP) the private sector predominantly finances the construction of the project and this is then repaid by a service charge by the RPA over a 25 year period from the date that passenger services commence on Metro North.

In the short term, Metro North will provide an important stimulus to construction activity.

The project is expected to create 4,000 direct construction jobs and thousands more indirect jobs.

The consortium that will be selected to build Metro North is likely to include both Irish and international contractors and much of the work will involve local contractors, professional service firms and local workers.

"Other sectors of the regional economy are likely to benefit such as those in the construction material supplying industry," said RPA.

"Metro North will address a significant deficit in public transport infrastructure in north Dublin city and in Fingal, the fastest growing county in Ireland," said the agency.

A RPA spokesman added: "It will facilitate development in the corridor which is forecast by Fingal County Council to generate 37,000 additional jobs and more than double the existing level of economic activity and employment in the area.

"It is crucial to the continued expansion of Dublin Airport and will underpin the significant investment already made in the economic regeneration of Ballymun."

(PR/JM)