The National Roads Authority (NRA) of Ireland has completed the project design, compulsory purchase orders, and environmental impact assessment necessary to carry out the project. The tunnel, which caters for more than 76,000 vehicles a day and which links the M8 with the N40 and N25, is the busiest junction outside of Dublin.
Currently, it gets congested at peak times.
The total project investment is estimated at €90 million (US$95.2 million). According to sources, the government has plans to solicit a loan from the European Investment Bank (EIB) for the tunnel project.
The project, which was approved in May 2013, aims to allow free-flowing traffic in north-south directions in addition to the current east-west free flow.
Last month NRA selected a team composed by BAM PPP, PGGM and Iridium (ACS) as the preferred bidder for the M11 Gorey to Enniscorthy PPP Scheme. The project, which will be developed on a design, build, finance and operation (DBFO) basis, involves the construction of about 40 km of new roads. The total project investment is estimated at €200 million (US$211.7 million).