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04/10/2002
Trimble calls for maximum benefits from investment
Expertise from both the public and private sectors should be utilised to ensure maximum benefit is obtained from public investment.
This was the message from First Minister, David Trimble, who was speaking last night at the Institute of Bankers in Ireland President’s annual dinner.
Addressing the dinner guests, Mr Trimble said: “Last May, the Deputy First Minister and I announced an initiative that has the potential to help Northern Ireland catch up on many years of under investment. The Reinvestment and Reform Initiative, (RRI), will introduce unique funding arrangements to allow the acceleration of major investment in our infrastructure.
“Currently, many parts of our public services, particularly health, education and transport, require levels of investment far in excess of the resources available to us if they are to be funded in the traditional manner. Through the RRI, the Executive has identified £270 million of new money to be spent on 29 projects over the next two years, including the new Cancer Centre which has just got underway."
Mr Trimble said that from 2004/5, new borrowing powers would give the Executive the option of using additional revenue sources. This, he said, would make it possible for a multi-billion pound programme would help in addressing Northern Ireland's most pressing infrastructure needs over the next decade.
He continued: “All sections of society, including the business community, will benefit from better schools, better roads and improved health care. There is also, of course, valuable business to be won in delivering these projects.
“The public sector has been creative in thinking outside the box and developing the RRI. We do, however, recognise that the private sector also has an important role to play. Innovation and entrepreneurship are key building blocks in Northern Ireland’s economic future. We need high calibre people to join the Strategic Investment Board, which will oversee how the funding for the RRI will be sourced and allocated. At a local level, we may also create Development Corporations to bring a local input to the regeneration of the former security bases.
“Through the RRI, we aim to ensure that we harness the skills of our public sector, the will of our voluntary sector and the drive of our private sector to fast forward Northern Ireland.”
The Reinvestment and Reform Initiative was announced on 2 May 2002.
Short term allocations made under the package include funding for the new regional Cancer Centre, widening of the M1, the replacement of 20% of mobile classrooms and investment in roads, water and sewerage infrastructure.
(MB)
This was the message from First Minister, David Trimble, who was speaking last night at the Institute of Bankers in Ireland President’s annual dinner.
Addressing the dinner guests, Mr Trimble said: “Last May, the Deputy First Minister and I announced an initiative that has the potential to help Northern Ireland catch up on many years of under investment. The Reinvestment and Reform Initiative, (RRI), will introduce unique funding arrangements to allow the acceleration of major investment in our infrastructure.
“Currently, many parts of our public services, particularly health, education and transport, require levels of investment far in excess of the resources available to us if they are to be funded in the traditional manner. Through the RRI, the Executive has identified £270 million of new money to be spent on 29 projects over the next two years, including the new Cancer Centre which has just got underway."
Mr Trimble said that from 2004/5, new borrowing powers would give the Executive the option of using additional revenue sources. This, he said, would make it possible for a multi-billion pound programme would help in addressing Northern Ireland's most pressing infrastructure needs over the next decade.
He continued: “All sections of society, including the business community, will benefit from better schools, better roads and improved health care. There is also, of course, valuable business to be won in delivering these projects.
“The public sector has been creative in thinking outside the box and developing the RRI. We do, however, recognise that the private sector also has an important role to play. Innovation and entrepreneurship are key building blocks in Northern Ireland’s economic future. We need high calibre people to join the Strategic Investment Board, which will oversee how the funding for the RRI will be sourced and allocated. At a local level, we may also create Development Corporations to bring a local input to the regeneration of the former security bases.
“Through the RRI, we aim to ensure that we harness the skills of our public sector, the will of our voluntary sector and the drive of our private sector to fast forward Northern Ireland.”
The Reinvestment and Reform Initiative was announced on 2 May 2002.
Short term allocations made under the package include funding for the new regional Cancer Centre, widening of the M1, the replacement of 20% of mobile classrooms and investment in roads, water and sewerage infrastructure.
(MB)
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