The city of Dublin has submitted plans for an ambitious six-line metro system that will be formed of a central loop operating underneath the Irish capital. Should the project get the official go ahead it would be up and running by 2025 and would reportedly cost a third of the cost normally expected for a project of this nature, coming in at €9 billion (around £8 billion).
That’s the word from the Metro Dublin CEO, Jed van der Poll, who said on Irish radio this week that the project would be privately funded, thus lowering the reliance on the public purse. Helping to keep the costs down, he told Newstalk, would be achieved by echoing a construction method undertaken on Madrid Metro using plans from its architect, Manuel Melis Maynar.
“[Maynar] built 120 kilometres of metro in just seven years and at a fraction of the price that, say, London Underground paid for the Jubilee Line,” reducing the capital and making it more suitable for private investment. “We would be looking for half of that funding – so approximately €4.5 billion – from the European Investment Bank,” a form of funding ideal for Dublin owing to its “extremely low” rate of interest.