Seán Kyne (Galway West, Fine Gael) | Oireachtas source

The Western Development Commission, WDC, operates the western investment fund, which contributes to the development of the region by investing through equity or loans in business startups, growth-oriented small and medium-sized enterprises and community-based measures to encourage enterprise development. The western investment fund was established as a revolving fund. The WDC uses the moneys revolving back into the fund to support new investments. To date, the western investment fund has invested €48 million in 140 enterprises, supported 2,500 direct jobs and leveraged more than €280 million in additional investment. At the beginning of 2018, the western investment fund had €21.4 million available for reinvestment in small and medium-sized enterprises, microenterprises and community and social enterprises in the western region. The Deputy will agree that this represents a huge opportunity to support job creation in the west.

When I met members of the board of the WDC last May, they raised with me their view that additional staff were required to maximise the potential of the western investment fund and the benefits it can bring to the western region. The Deputy will appreciate that any question of increased resources is a matter for consideration in the context of the annual Estimates process, which is taking place at present. The possibility of securing extra resources for the WDC will be examined in that context. I appreciate and understand that additional staff resources would help to maximise the positive impact and effect of the western investment fund. Such resources have been sought by the board. I congratulate the new chief executive officer of the WDC, Mr. Tomás Ó Síocháin, who is taking up his new position this week. I commend the outgoing acting chief executive officer, Mr. Ian Brannigan, on his work over recent times. The WDC has a huge role to play. It is important for the Government to support this important fund by maximising the potential for it to create jobs.

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