The International Project Finance Association (IPFA) conference held in Dublin this week heard that €2.6bn in the Government’s Capital Investment Plan to 2021 remains unallocated and that the impact of a hard Brexit following a failure to invest could be severe
According to Michele Connolly: “The social and economic cost of the housing crisis is significant – moreover unresolved it also is contributing to capacity constraints in the economy and inhibiting moves to counter the negative impact of Brexit.” Whilst current plans commit the government to a range of projects, there is also a need to assess how these are funded. Housing has been identified by KPMG as an example where private funding can help deliver such projects. Commenting at the conclusion of the IFPA conference, Connolly said: “There is significant interest from private capital in investing in Irish social housing projects. That capital tends to offer a low cost long term funding option. Whilst the current round of Social Housing PPP’s is welcomed, Government could do more to make structures available faster to target these capital sources to deliver a significantly scaled up solution which is what Ireland needs to address the housing crisis.”
Connolly recognises that public debt challenges remain a concern but believes that further delay will come at greater cost: “Capital investment can still all be planned in a prudential manner focusing on value for money. What is critical however is that this is started now, rather than waiting until our debt burden disappears.”
Paul Gray, Communications Manager, KPMG in Ireland
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