Dáil Éireann Debate, Tuesday - 23 January 2018
573. Deputy Éamon Ó Cuív asked the Minister for Rural and Community Development the amount of moneys held by the Western Development Commission in the western investment fund or another fund it has for the development of businesses in its region; the amount of this committed to date for the development of businesses; and if he will make a statement on the matter. [3390/18]
Amharc ar fhreagraThe Western Development Commission was established in 1999 to promote, foster and encourage economic and social development in the Western Region, defined as the counties of Donegal, Leitrim, Sligo, Mayo, Roscommon, Galway and Clare.
The Western Development Commission operates the Western Investment Fund (WIF) which contributes to the development of the region by investing through equity or loans in business start-up, growth-oriented small and medium enterprises (SMEs) and in community-based measures to encourage enterprise development.
The WIF was established as an Evergreen Fund on a revolving basis so all investments are repayable and all receipts are reinvested back into Western Enterprises.
To the end of 2017, the WIF had invested €48.5 million in 135 enterprises in the region and currently has €21.4 million available for reinvestment in SMEs, micro-enterprises and Community and Social Enterprises in the region. I understand that €4.1 million of this sum has been approved and is awaiting disbursal.
