Possible European Investment For Passage West
Ó Laoghaire Pushes For European Investment In Passage West
Sinn Féin TD for Cork South Central Donnchadh Ó Laoghaire, who has been a long-time advocate of harnessing the potential of the Passage West Dock site, says a loan from the European Investment Bank is the obvious solution to help purchase and develop a masterplan for the site.
Speaking on Tuesday, Deputy Ó Laoghaire said, “I have previously spoken regarding the potential of the Passage West Dock site, and my view that well planned development at this location can totally transform the town, because of its scale and its key strategic location.”
Continuing he said, “I and Cllr. Michael Frick Murphy have advocated that the County Council purchase this site, and develop a Masterplan for the site. Unfortunately they have refused, citing the cost of purchase. Last Friday, Liadh Ní Riada MEP, Cllr Eoghan Jeffers and I met with Cormac Murphy of the European Investment Bank, regarding this and other items.”
I have long been of the view that the obvious solution for this is a loan from the European Investment Bank at a very low interest rate. Mr. Murphy outlined that regeneration of this kind is eligible for borrowing from the EIB. It would however require that the County Council get on board with this proposal and develop a Masterplan or framework for the site.”
Looking ahead, the TD said, “Following on from this meeting, I intend to pursue this with Cork County Council to develop dialogue, and to consider how this could happen.
I firmly believe that a positive development here can have a transformative effect on the town.”