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Announcement expected on investment plan for Waterford Airport

It's expected an investment plan for Waterford Airport will be announced in the coming weeks, following a shareholder meeting on Wednesday.

Waterford Airport has been without commercial flights since 2016.

It's hoped that €8 million can be raised in private investment to give the company the chance to resume flights.

The Irish Examiner reports that shareholders at the meeting ruled out receivership when they met this week, and that the board of directors was satisfied that shareholder William Bolster had successfully secured funding that will soon be in place.

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It's understood the funding plan will be shared at an emergency general meeting for shareholders after directors in June.

Extending the airport runway is considered crucial to the furthering of commercial activity at Waterford Airport.

Speaking to DΓ©ise Today last month, Sinn Fein TD for Waterford David Cullinane said original costings of the extension had been €12 million; €2 million of which was to come from local authorities, €5 million from Central Government, and €5 million from private investors.

However he pointed out that with the significant increase in building and supply costs since those figures were arrived at, the current cost of the runway extension is coming in at around €15 / €16 million.

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Speaking at the time he said "we can't have a situation where this goes on for another couple of years... it's really a challenge for Waterford to get the runway built. The CEO (of Waterford Council) wants this built as quickly as possible and we can only hope these discussions with the private sector are fruitful. Money has to be put on the table."Β  More here.Β 

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