The Finance Minister Sammy Wilson has confirmed a strong commitment on the part of the Executive to ensure that every possible measure is taken to assist the struggling local economy.
"When the UK Spending Review was published in October there was much comment on the negative impact that the cut on capital investment would have on our construction sector.
"In light of this concern, the Executive has agreed to reclassify in excess of £250m current expenditure into capital investment over the period.
"This will mean that by 2014-15, capital spending will total some £1.5bn, reflecting a level of spending recorded in 2005-06.
"So there are still a significant amount of capital projects to take forward over the next four years and spending in this area will be well above the long term trend," he said, noting that as a result of the investment many key projects will be able to proceed over the period.
-- Advertisement --
"They include, the new police and fire service training centre in Cookstwon, the Altnagelvin Hospital radiography centre, several sports stadia and a planned water and sewerage network upgrades.
Sammy Wilson made the commitment during his draft budget, which was presented to MLAs at Stormont on Wednesday.
There had been fears the projects would be postponed or abandoned because of financial constraints.
Meanwhile, in another fillip for the construction sector, the NI Education Minister, Caitríona Ruane, has this wek cut the first sod of the new build project for Taughmonagh Primary School in south Belfast.
Addressing guests at the event, the Minister said: "I very much welcome the opportunity to start construction of the new Taughmonagh Primary School by cutting the first sod.
"The project represents an investment by my Department of over £3.5m and is a flagship development for the community of South Belfast.
"It is also the first to proceed of the 14 brand new school projects I announced in August, when I confirmed that up to £23m could be spent on new schools' building and maintenance works before the end of March 2011.
"The new school will provide fantastic learning and development facilities for children and young people in what is an area of social disadvantage," she said, noting that Taughmonagh Primary School already acts as a focal point for the local community.
"I have no doubt that the new facilities will enable the school to make an even greater contribution to life in the area.
"Good facilities are essential if we are to continue to raise educational standards for all local children and young people and give them the best chances in later life. I will therefore continue to highlight the vital importance of investment in the schools estate."
See: NI Budget Revealed At Stormont
(BMcC/GK)
