Government spending on major infrastructure projects is expected to receive a massive boost today, with a change in European Union rules governing borrowing.
Strict regulations have restricted investment in a number of infrastructure projects involving joint public and private funding up to now.
However, these are now set to change after intense lobbying in Brussels.
With a very low level of national debt, the Government should be able to borrow more than it does for investment in essential infrastructure projects.
But under the existing rules, the full cost of projects is charged in the first year, which could push Government borrowing over the current maximum level of 3 per cent allowed by a stability pact.
A more flexible interpretation of the rules announced today means that governments should be able to spread the borrowing charge over a number of years.
The development is likely to mean speedy progress on a number of infrastructure projects funded jointly by the Government and the private sector, including toll roads and the Dublin Metro system.
It could also lead to increased use of joint public and private funding for Government projects.