QPANI welcomes funding announcement

NI construction material suppliers welcome Finance Minister’s statement in October Monitoring Round

THE Quarry Products Association Northern Ireland (QPANI) has welcomed the re-allocation of Executive funds announced by Finance Minister Simon Hamilton (pictured) in the October Monitoring Round.

In particular, QPANI says it is pleased to see:

• £20 million of additional funding for roads maintenance and other road improvements.
• An additional £1.5 million towards commencement of the Magherafelt bypass project.
• £5.0 million to the Department for Social Development (DSD) to fund additional investment in the co-ownership scheme.
• £5.0 million for the DSD ‘Affordable Homes Loan Fund’.
• £8.1 million in 2014/2015 to allow for the commencement of work on the A26 Glarryford Road scheme where an additional 8km of dual carriageway will be built.
• An additional £15 million for the Rural Development Programme and Agri-Food Strategy Board; and a further £10 million of financial transactions funding committed to the Agri-Food Loan Scheme for next year that will have indirect benefits for construction materials suppliers as farmers invest in land drainage and farm improvements.
• £16.1 million to the Department of Culture, Arts and Leisure to address a significant pressure next year in respect of the regional stadium construction programme.
• £11.8 million allocated to the Department for Employment and Learning to fund a new faculty block at the University of Ulster’s Coleraine campus and redevelopment at Queen’s University.

QPANI regional director Gordon Best said: ‘The announcement this morning [Monday 21 October] by the Finance Minister is a real boost for our members. The additional funding allocations of more than £90 million for the projects listed above will see both direct and indirect benefits for construction material suppliers across Northern Ireland.

‘We share the Minister’s optimism about the impending economic recovery. There are undoubted signs that our economy, and particularly the local construction industry, is recovering after five years of decline.

‘This additional stimulus is good for the whole economy and we must now see a concerted effort to ensure that these additional funds convert to work on the ground as quickly as possible and create sustainable employment and significant economic benefit across Northern Ireland.’