Eamon Ryan
Question:62 Mr. Eamon Ryan asked the Minister for Community, Rural and Gaeltacht Affairs the reason for an increase of 13% funding for the Western Development Commission Estimates 2007. [42914/06]
View answerWednesday, 13 December 2006
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As the Deputy notes, an increase of 13% — €295,000 — has been provided in the Estimates of my Department for the Western Development Commission (WDC) for 2007.
An element of the overall increase has been allocated to cover the usual year on year administrative increases incurred by organisations like the WDC in order for them to carry on their business. The WDC is also involved in increased activity in a number of areas, for example, their ‘Look West' campaign, which adds to their overall administrative costs.
The allocation for 2007 also provides for the additional resources required to continue to effectively minimise the investment risks involved in the administration of the Western Investment Fund. The Fund was set up to provide seed and venture capital to businesses in the Western Region. The investments are high risk in nature but are made on a commercial basis and repayment of the investment with a return is expected.