The European Investment Bank, Europe’s long-term lending institution, has agreed to provide EUR 110 million (US$ 125.85 million) for upgrading the M11 road in south-east Ireland. The new road project will allow traffic on the main route between Dublin and Wexford to bypass the town of Enniscorthy.

The project to upgrade the M11 between Gorey and Enniscorthy will include three new sections of road. These include upgrading 26km of the M11 to motorway standard, construction of a 4km dual carriageway connection to the N11/N80 and a 8km bypass west of Enniscorthy. The road should be open to motorists in 2019 and also reduce traffic in Ferns and Camolin.

Financial close on the M11 Gorey to Enniscorthy PPP project was reached earlier this week between the National Roads Authority and a consortium led by BAM Iridium and construction is expected to start in January 2016.

Support from Europe’s long-term investment institution represents around 50 per cent of the project’s senior debt. Over the last 5 years the European Investment Bank has provided nearly EUR 3 billion for investment in Ireland. Support for public-private partnerships intended to improve crucial national infrastructure in Ireland has included the N17-N18 Gort to Tuam motorway, the N11-N7 upgrade and the Luas cross city link in Dublin.