Under the National Development Plan 1994-99 a total of £120 million is being invested in higher education and research projects. Of this amount some £15 million has been set aside and is being invested exclusively in equipment. A further provision for equipment is included in the budget for the individual building project.
An additional £60 million capital investment programme for the universities comprising £30 million from the private sector with matching funds from the Exchequer, also includes provision for the acquisition of equipment.
There is also potential in the changes introduced in the 1997 Finance Act. These changes will further encourage the private sector to enter into new partnerships. Section 16 of the Act provides tax relief on donations made by individuals and corporations in relation to research and the acquisition of equipment. Section 25 provides a mechanism to encourage investment in third level buildings or in machinery or plant. These measures provide new possibilities for encouraging partnership with the private sector in financing approved capital projects in third level education and I am continuing to keep the issue of the provision of funding for research equipment under review in the light of available resources.