13 December 2002
Almost £2bn will be spent over the next five years on major modernisation projects for the water and sewerage systems, road improvements, public transport expansion and capital projects for health and education.
Funding includes £1bn under the terms of the Reinvestment and Reform Initiative agreed earlier in the year between the Northern Ireland Executive and the UK government, most of which is borrowing from the Treasury. A further £725m will be financed from public-private partnerships, while the balance comes from Executive funds.
The Northern Ireland Office minister also announced that the water service would become self-financing.
Pearson said: 'Our transport and our water infrastructure are in many places outdated. We have too many outmoded schools and hospitals. Thirty years of violence have diverted resources from this investment. Only if we invest now will we have the basis of a prosperous economy.'
PFdec2002
