Minister for Transport Paschal Donohoe has said the money the Government gets from selling its stake in Aer Lingus will be used to fund infrastructure projects across the State.

Speaking to reporters in Clontarf on Wednesday morning, he said the Coalition would “lend out” €335 million in funding to initiatives aimed at improving access.

The sale of the State's 25 per cent stake in Aer Lingus to International Airlines Group (IAG) was recommended by the Cabinet in May.

"Today does mark a very important day in the acquisition of Aer Lingus now by AIG because the AIG group have now acquired enough consent from enough shareholders to allow them go ahead with the full acquisition," Mr Donohoe said.

“This I believe is going to give Aer Lingus the platform they need to offer more services in the future and to carry more passengers.”

Asked if the money had been ear-marked for particular projects, he said: “In relation to the funding that the State will receive through disposing of our share, under the rules that we’re all now part of by being members of the eurozone we have to use that funding in particular ways.

“And the Government will be using that funding to lend out to infrastructural projects all over the country to try and improve the access that our country has within the country and also to improve access into the country for people who want to invest here and for people who want to travel.”