Northern Ireland finance pledge from Minister

No stone will be left unturned in the search for solutions to the current infrastructure deficit in Northern Ireland, the Minister of Finance & Personnel, Dr Seán Farren, has promised.

The Minister delivered his pledge at the launch of a series of three public consultations on the Executive’s Review of Opportunities for Public Private Partnerships in Northern Ireland, the first of which took place in Belfast’s Odyssey complex.

The seminars have been convened to explain the PPP Working Group report and stimulate debate on the key recommendations and the range of funding sources available for improving Northern Ireland’s public service infrastructure.

Dr Farren emphasised the Executive’s concern about getting the formula right when it comes to financing Northern Ireland’s future. He said: “Consideration must be given, through consultation, to the full range of possible sources of funding, and how they can best be used to address the needs of the region. We are currently facing an investment deficit of at least £6 billion over the next decade.

“The Reinvestment and Reform Initiative, which provides us with both short and long term borrowing powers, and the transfer of a number of major security assets provides the context within which the Working Group Report will be considered.

“In order to make vital improvements in our infrastructure, we will examine all possible means and contributions from all sectors. No single solution alone – be it borrowing, PPPs or more traditional public expenditure – is likely to be sufficient to meet the challenge of improving our public services.”

Stressing the importance of social partnership the Minister added: “We recognise that a range of concerns exist about PPPs. These are genuinely held and shared by the Executive, and will be addressed fully and carefully in any PPP approaches that we take forward.

“The Executive is committed to a social partnership approach and wishes to ensure that the social partners, including the representatives of business, trade unions and the voluntary and community sectors, can make an effective contribution to this consultation process.”

The first public consultation seminar on the Executive’s Review of Opportunities for Public Private Partnerships in Northern Ireland takes place in the Atrium Room, The Odyssey, Belfast on Wednesday evening.

(MB)