A one billion euro Rural Regeneration and Development Scheme has been launched today.

The fund forms part of the Project Ireland 2040 and is targeted at increasing employment opportunities in rural towns and villages as well as supporting infrastructure developments.

Eligible projects must demonstrate a capacity to add value to other public investments. There will also be a requirement of match funding in the region of 25% from other public or private sources.

All towns and villages with a population of less than 10,000 will be eligible for this fund. Larger urban centres will be eligible to apply for a two billion euro urban regeneration and development fund.

The scheme will open for applications at the end of June, will close in September and the first batch of announcements are expected in October.