The State Government has announced a plan to invest in a “spac investment” fund, which would allow for the construction of a $2.4 billion space station by 2025.
The space agency, which is expected to be the largest taxpayer in the world by the end of the decade, said it would be able to borrow at interest rates of 6.5 per cent, compared to the Government’s borrowing target of 6 per cent.
It said that it would take into account the cost of the space station, and also the need to support the country’s long-term investment in the future.
“We believe that a space station is the most cost-effective way of providing low-cost, low-carbon infrastructure for Ireland,” it said.
It said the money would be available through a “space investment fund” established by the Government.
“The fund will be managed by the State Department of Economic Affairs and Industry.
It will be administered by a State Agency, the National Space Commission.”
This is a Government-led fund that will provide the support required to build the next generation of space stations and support future infrastructure for the Republic,” it added.
A statement from the Minister for Science, Space and Technology, Niall Collins, said the plan would provide a “significant boost to Ireland’s economy”.”
The spac investment fund will allow for significant investment to be made in the sector in future years, while providing a pathway to a future investment that is low-impact and long-lasting,” he said.”
Funds under the fund will provide a direct lifeline to the space industry.
The Government will be able take immediate action to support this investment.
The announcement comes on the same day that the Government announced a commitment to the development of a new “space station” for Ireland. “
This grant is part of the Government of Ireland’s long term investment in space exploration and space technology,” Mr Collins said.
The announcement comes on the same day that the Government announced a commitment to the development of a new “space station” for Ireland.
This will be built at a cost of €5.6bn, and will be the first commercial launch to be undertaken by a government-owned space agency.
According to the announcement, this would be the “first commercial orbital launch in Ireland”.
The project will be launched by a European Space Agency Atlas V rocket in 2017, and is set to take place in 2019.
However, the Government has been criticised for the cost and timing of this launch, and for the delay in the project’s delivery to start.
Its decision has caused concern for many Irish businesses, who have questioned the quality of the investment.
Speaking at a press conference on Wednesday, Minister for Industry and Energy Brendan Howlin said the project would allow Ireland to “play a role in the next chapter of space exploration”.
“We are delighted to be part of a programme that will lead to the construction and launch of a spaceport in the Republic of Ireland and to the deployment of the first crewed spacecraft to orbit, with the aim of establishing a permanent space station in the coming years,” he added.
Meanwhile, the Department of Foreign Affairs and Trade has confirmed that it is investing in the development and testing of a second space station.
There are currently no plans for the development or deployment of this new facility, although the Government is committed to supporting its development.