Dáil Éireann díospóireacht -
Wednesday, 5 Jun 1996

Vol. 466 No. 4

Written Answers. - Western Development Funding.

Michael P. Kitt

Ceist:

18 Mr. M. Kitt asked the Taoiseach the amount of Government funding that will be allocated in each of the next ten years in respect of the Western Development Partnership Board; the proposed funding from EU investment banks, private depositors, commercial funding and other funding; and if he will make a statement on the matter. [10611/96]

Noel Treacy

Ceist:

19 Mr. N. Treacy asked the Taoiseach the amount of Exchequer and European Union funding that will be made available for western development in each of the years from 1996 to 2000; and if he will make a statement on the matter. [11359/96]

The Taoiseach

The Action Plan for Western Development, recently launched by the Western Development Partnership Board, provides a strategic focus for the economic and social development of the western region. In welcoming the board's plan, the Government announced a number of important initiatives including the establishment of a western investment fund. This fund will provide long-term venture capital and equity for developing businesses specifically for the western region and will be central to achieving the goals of the action plan.

It is proposed that the fund, which is to be set up and managed on a professional and commercial basis, would draw on resources progressively from the Exchequer the EU, the European Investment Bank and private depositors. The Government is prepared to make available up to £25 million to the fund over the next six years. This is further concrete evidence of the Government's continuing commitment to the development of the west.

As the detailed arrangements of the fund remain to be worked out over the coming months, questions relating to precise funding sources are premature. I intend making a statement shortly in the House on the Government's response to the Action Plan for Western Development.