A fund aiming to inject $38 million into infrastructure development in the Bay of Plenty opens for formal applications this week.

The Regional Infrastructure Fund opened for applications yesterday and Regional Council is expecting funding requests will exceed what is available.

This expectation is based on demand indicated in the recent Expressions of Interest round.

The Regional Council has set aside $38 million in its Ten Year Plan 2012-2022, available over nine years, for projects that promote sustainable regional economic growth, or promote environmental protection and enhancement that supports sustainable regional economic development.

Bay of Plenty Regional Council's General Manager Strategy Fiona McTavish says applications would need to be comprehensive and projects strongly aligned to the fund's aims to be eligible for consideration.

'We expect the total amount to be asked for in the applications is likely to more than what is available.

'That is why we are advising all those who are thinking about submitting an application to ensure they have their business cases finalised, and that they have read and met the funding criteria.”

She says with 47 expressions of interest received, signalling requests for approximately $250 million funding.

'We unfortunately expect there will be some disappointed applicants once we've assessed all applications.”

The application round closes on February 7.

People can read more information about the fund, including the full Regional Infrastructure Funding Policy and Procedures document on the Regional Council's website www.boprc.govt.nz/rif