Funding for Shared Island Initiative to pass €1bn mark

The amount of funding allocated under an Irish Government initiative to promote co-operation across the island of Ireland will pass the €1 billion mark this week.

The cabinet is to be asked to approve more than €377 million in funding from the Taoiseach's Shared Island Initiative for 12 projects.

They include a contribution of more than €190 to rail infrastructure between Derry, Belfast and Dublin to reduce journey times and increase capacity. There will be further funding from the Stormont Assembly.

The completed work will allow Enterprise trains to pass DART trains at stations along the route instead of having to slow down on the same stretch of track.

Last month the Irish government signed off on a €700m contract for a new fleet of trains for cross border rail service between Dublin and Belfast.

The new Belfast to Dublin Enterprise fleet for Translink and Iarnród Éireann is due for delivery from late 2028.

The funding being announced this week will facilitate track renewal and upgrades along the Derry to Belfast route, with the current journey time between the cities more than two hours.

Approval is also being sought for tens of millions of Euro for offshore renewable energy projects and the next phase of the Ulster Canal.

There will also be funding for digital creative industries, cross-border health care, sporting events and co-operation between the Cork and Belfast Docklands Regeneration projects.

Existing funding commitments include €600 million for the A5 North-West transport corridor, the construction of the Narrow Water Bridge between counties Down and Louth, and a contribution towards the planned redevelopment of Casement Park in west Belfast.

The Irish Government describes the Shared Island Initiative as an example of the Good Friday Agreement made real with practical work towards reconciliation of communities and traditions.