The Western Development Commission was established on a statutory basis on 1 February 1999. Its remit is to foster and support the economic and social development of the western region, namely, all the counties of Connacht, plus Clare and Donegal. This includes close co-operation with the new regional assemblies, the regional authorities and other public and private bodies in the region, as well as all Government Departments.
The western development commission is responsible for the operation of the €32 million western investment fund in its area. The fund contributes to the strategic development of the area through investments in business start-up; growth oriented small and medium enterprises, SMEs, as well as in community based developments aimed at encouraging enterprise development in the area. To date, 24 projects have been approved out of 120 applications for assistance totalling €4.3 million. A total of €1.7 million has been disbursed from the fund to aid ten of these projects. The WDC expects that there will be a significant increase in these figures by the end of 2002. The fund provides assistance through the provision of loans or equity but does not provide grant aid.
In operating the fund, the western development commission operates an investment policy to ensure it complies with the provisions of the WDC Act, 1998 relating to the viability of projects. The conditions are not more stringent than the commercial banks.