Donegal County Council agrees €20 million loan to fund capital projects

Donegal County Council is to borrow €20 million over to fund capital developments across the county.

Members sanctioned the loan at a special meeting this morning.

The council’s Director of Finance Richard Gibson told members the loan will be used to secure grants of around €80 million, allowing the council to spend €100 million on capital projects across every Municipal District, some of which are already underway.

He said the term of the loan will be 20 years, with an estimated annual cost of €1.19 million to service it.

Mr Gibson stressed that the council already manages a loan book of around €100 million, and based on their experience, he believes the sum agreed today is one which ensures the council is not taking on more than it can handle, while ensuring that opportunities are for investment are maximised.

Chief Executive John McLaughlin told members the council has spent a long time on planning, it’s now time to move to the delivery stage.

Members also received an update on the Shared Island fund, and the opportunities for joint projects with neighbouring councils in Northern Ireland.

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