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Ireland : NAMA not backing Governments construction plan

May 17, 2014

Nama, a state assets agency will not be making additional money available to fund development under the Government s strategy to revive the construction industry, despite a statement in the plan that was published.

The document, Construction 2020, states that Nama advanced 500 million to fund development on properties held as security for its loans and approved 500 million.

It says, It will advance a further 1.5 billion towards Irish development projects over the next three years, making total advances of 2.5 billion.

Nama, however, confirmed on 15 May 2014 that the advances highlighted in Construction 2020 are not in addition to the 2.5 billion that it has said it would spend on development.

The agency said two years ago it would spend 2 billion on development between 2012 and 2016. Nama already advanced 500 million to finance development on properties held as security for the loans it took over from the Republic s banks after it was set up in 2010.

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Source: TendersInfo (India)

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