European Investment Bank vice-president Mihai Tanasescu was speaking in Dublin on Wednesday.
He said the bank hoped to finalise a bid for the N11 project by the beginning of February.
The project is to be undertaken by way of public private partnership (PPP).
Mr Tanasescu said the initiative would reopen PPPs in the Irish transport sector.
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He added that the Bank was working hard to deliver projects such as these.
The comments came following chairman designate of the National Roads Authority Cormac O’Rourke’s confirmation that the project had progressed to the Oireachtas Committee on Transport.
The project will link two separate developments.
One is a new dual-carriageway which will connect the Arklow bypass with the Ashford Rathnew bypass in Co Wicklow.
The other is a height-separated junction at Newlands Cross in south Dublin.
The Irish government announced four projects this year as part of a jobs-stimulus package. This new joint-scheme will be one of those projects.
The other projects are the N17/18 Gort to Tuam road scheme, the M11 Gorey to Enniscorthy project and the N25 New Ross bypass.
This news from the European bank means it will effectively guarantee the Government’s share of the PPP project.
(IT/GK)
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