Minister Donohoe welcomes progress on establishment of Connectivity Fund following sale of Aer Lingus

Wednesday 07 October 2015

The Minister for Transport, Tourism and Sport, Paschal Donohoe TD, has today (Wednesday) welcomed the progress being made by the Minister for Finance on the establishment of a Connectivity Fund following the sale of the State’s share in Aer Lingus earlier this year.

Minister Donohoe said: ‘I welcome the resolution moved in the Committee on Finance, Public Expenditure and Reform this afternoon, to allocate the proceeds of the sale of the State’s stake in Aer Lingus to a new Connectivity Fund.  I am particularly pleased that the proceeds from the sale, more than €335 million, are to be dedicated to enhancing connectivity and will be reinvested in projects such as the development of ports and airports and access to them’. 

“When the Government agreed to support IAG’s Offer for Aer Lingus last May, it also decided that the proceeds from the sale of the State’s shareholding would be used to establish a new Connectivity Fund. In time, the fund can be expected to deliver improved connectivity and wider benefits for the economy, including jobs.  These benefits are additional to those that will accrue as a direct result of the sale of the State’s shareholding in Aer Lingus, in terms of securing the future of the airline and its employees in an increasingly competitive global airline market, and of enhancing Ireland’s connectivity with the rest of the world.”

Ends
Press Office, Department of Transport, Tourism and Sport, 01 604 1090 / 01 604 1093 www.dttas.ie pressoffice@dttas.ie

 

Initial Publication Date: 
07/10/2015