Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

When I announce funding, I want it spent. In this case, this is a new fund. Ireland is one of the first countries in the world to have a fund like this in place. This makes Ireland an innovation leader globally. There is a great deal of collaboration on the projects between colleges, multinationals, SMEs and public research bodies. There is a lot of money at play, with €75 million available in the first call. Naturally, it will take time to finalise the contracts. As this is taxpayers' money, we need to ensure that everything is done right and in accordance with the public spending code. Drawdown of funding is expected to commence in September. It is important to remember that these projects are being carried out over a three-year timeframe. The sum of €20 million is provided in my Department's baseline for the DTIF in 2019. I have been assured by Enterprise Ireland, which is administering the scheme on behalf of the Government, that the full €20 million will be drawn down by the end of the year. There is significant demand for this scheme. I will officially launch the second call in July.

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