A public consultation will be launched "in the next week or two"
An additional €2.6bn has been made available for capital spending for the second half of the year.
Public Expenditure Minister Paschal Donohoe says government departments will have until the end of February to submit their applications and wish-lists for a portion of the extra funding.
Government say the revised plan will ensure additional funding is allocated in line with national economic and social infrastructure priorities.
Minister Donohoe was joined by Finance Minister Michael Noonan to outline the ‘Building on Recovery: Infrastructure and Capital Investment 2016-2021’ plan.
Originally published in September 2015, the minister set out the process through which infrastructure projects will be prioritised.
The plan will see exchequer capital spending of €27bn and total state-backed capital investment of €42bn.
Minister Donohoe said: "The Capital Plan is now being reviewed to ensure that capital spending is fully aligned with national economic and social priorities, consistent with Programme for Partnership Government objectives.
"This Government is strongly committed to meeting priority public capital needs. This commitment is clearly evidenced by the additional €5bn allocated to capital spending in last year’s Summer Economic Statement.
"A key goal for the review is to focus available capital resources on investment that can best underpin sustainable economic growth and social progress and enhance Ireland's future growth potential."
Minister Donohoe told Newstalk Drive the public will have input into where the money goes.
"What we're announcing here today is a process in relation to it - that the public will have an opportunity to participate in.
"Each of my Government colleagues will be asked to indicate what their priorities would be for new investments.
"They'll do that by the end of February.
"There will be a public consultation that we will launch in the next week or two, to allow the public to make their views known". he added.