The funds will be used to remove lead piping from the infrastructure system and to install half a million boxes for water meters.
To cover its costs the utility has borrowed 200 million from the European Investment Bank with contracts due to be signed in the coming months.
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However Irish Water's future remains uncertain as Fianna Fáil and Fine Gael – the country's two biggest political parties – having opposing views on its abolishment.
But Paul Melia, Environment Editor of the Irish Independent, says at the moment it's business as usual at Irish Water.
