The programme, called Infrastructure Investment Priorities 2010-2016, was revealed by Mr Cowen at the national convention centre in Dublin's Spencer Dock on Monday.
He was accompanied by Minister for Finance Brian Lenihan and the Green Party leader and Minister for the Environment, John Gormley.
However, some €1bn has been chopped from the spending programme, which sets out the Government's planned spend on major capital works for the next six years.
The collapse in employment has meant the Government's emphasis is now on creating sustainable jobs and productive infrastructure.
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Some of the major projects expected to be part of the plan include the relocation of the Dublin Institute of Technology (DIT) to a new campus at Grangegorman on the city's northside, while the Dublin's Metro North is likely to survive despite a potentially massive cost of €2.5 billion.
Some of the main areas for investment will be public transport, roads, schools, health facilities, the environment, energy efficiency, broadband, Research and Development (RD) and support for jobs and enterprise.
A Government statement last night said the programme "includes in-depth analysis and reprioritisation [sic] of the capital expenditure programme".
On Friday, the Taoiseach also announced a €359 million investment plan for research and innovation to create jobs and new enterprises and "drive Ireland's economic recovery".
The Government's Programme for Research in Third-Level Institutions (PRTLI) has been set up to invest in physical infrastructure and research projects in higher education institutions.
Speaking at the launch the Taoiseach said: "During my visit to the United States this week, I emphasised that the recovery in Ireland is underway. We have taken the difficult decisions and we are coming out of the crisis. Our focus now is on maximising sustainable growth and job creation."
(DW/BMcC)
