CORRECTED-Ireland to tap multinational tax windfall to hike infrastructure spending by 30%

DUBLIN, July 22 (Reuters) - Ireland will boost exchequer spending on infrastructure projects over the next five years by 30% as it takes advantage of a windfall of multinational tax, including a 14 billion euro Apple AAPL.O back-tax payment.

Ireland has for years failed to turn a multinational-driven corporate tax boom into improving creaking energy, water and housing supply. The IMF recently estimated that Ireland's infrastructure lags competitor economies by around 32%.

"We believe that there's a need to immediately implement a step change in the scale and quality of public investment in critical sectors," Prime Minister Micheal Martin told a news conference on Tuesday.

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