A deal to secure the future of Ireland West Airport Knock requires approval from the EU according to a report in a national newspaper last weekend. The airport requires approximately €40m to tackle debts and upgrade its facilities.
Seven Local Authoirties including Leitrim County Council, have agreed in principal to loan €7.3m to the airport in exchange for a 17.5 percent share in the facility.
The money is being jointly raised by Mayo, Leitrim, Sligo, Roscommon, Donegal and both Galway City and County Councils.
The deal means that Mayo County Council will own 35 percent of the 17.5 percent stake in the airport while the remaining 65 percent will be shared amongst the other six councils.
The remainder of the funding is expected to be provided by the state. A decision on this funding will be made once the EU approves the move.
Upgrades required include a €9m investment on safety, €5.5m on runway upgrades, €6.6m on a second passenger terminal and €7m on the extension of the runway apron to provide more parking space for planes.
The 30-year-loan, if taken out by Leitrim County Council, is expected to cost in the region of €27,000 per annum.