Ireland plans to increase spending on infrastructure projects by 23% to €112 billion ($131 billion) over the next five years, leveraging a windfall from multinational tax revenues, including a €14 billion back-tax payment from Apple (NASDAQ:AAPL).
The country has struggled to convert its corporate tax boom from multinational companies into improvements for its energy, water, and housing infrastructure. According to the International Monetary Fund, Ireland’s infrastructure currently lags behind competitor economies by approximately 32%.
“We believe that there’s a need to immediately implement a step change in the scale and quality of public investment in critical sectors,” Prime Minister Micheal Martin said at a news conference on Tuesday.
