Enda Kenny
Question:43 Mr. Kenny asked the Minister for Finance the estimated benefits arising from the EC-EFTA agreement which will accure to this country, and if he will make a statement on the matter.
Written Answers. - EC-EFTA Agreement.
The EC/EFTA Treaty, which is scheduled to come into force on 1 January 1993, effectively brings the EFTA countries into the Community's Single Internal Market. This will add to the economic growth already expected to be generated in the Community by completion of the Internal Market and Ireland will be in a position to benefit from this increased economic activity.
In addition, the EC/EFTA Treaty makes specific provision for a financial mechanism to provide assistance to promote development and structural adjustment in the Island of Ireland, Greece, Portugal and the Objective I regions of Spain. Financial aid will be provided in the form of direct grants and in the form of interest rebates on loans.
The total amount of grants provided will be ECU 500 million to be committed over the period 1993 to 1997. The total amount of loans which will be eligible for interest rebates over the period 1993 — 1997 will be ECU 1.5 billion. Priority will be given to projects which place particular emphasis on the environment, on transport including infrastructure, education and training. Discussion has not yet taken place on the shareout of this assistance between the eligible countries.