Danny McCoy, Director General of IBEC Mark Stedman/Photocall Ireland

IBEC to launch 'major growth plan'

The group, which represents Irish business, is to provide an innovative non-Exchequer funded package of measures for the whole economy later today.

THE IRISH BUSINESS and Employers Confederation (IBEC) is to announce a “major growth plan” for the country later today, which it says will provide an innovative non-Exchequer funded package of measures for the whole economy.

The employers’ group yesterday welcomed the Government’s announcement regarding an ambitious new €2.25 billion stimulus package for the Irish economy, which aims to create 13,000 jobs in the construction sector, saying that funding for infrastructure projects is an important first step in helping to restore domestic demand in the Irish economy.

IBEC also noted the importance of Public Private Partnership in the package, which it said highlighted the “significant improvement” in how international investors see Ireland’s growth prospects.

Commenting on the package IBEC Director General Danny McCoy said that Government has taken an innovative approach to funding important projects that will underpin Ireland’s growth potential:

The message is clearly getting out there to international markets that Ireland remains a sound investment location for long-term infrastructure projects.
Given the constraints on the public finances, the ability of the Exchequer to be the sole funder of projects is obviously restricted but there is significant further potential to raise additional finance from international sources.

However, while conceding that the package was a step in the right direction, McCoy warned that the Government would need to unveil a “more comprehensive growth package” in order to seriously tackle the problems in the domestic economy.

Read: Government’s €2.25 billion stimulus plan hopes to create 13,000 jobs>

Read: New DIT campus at Grangegorman to be part of €2bn stimulus package>

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