Billy Timmins (Wicklow, Fine Gael)
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Question 1036: To ask the Minister for Foreign Affairs if he is committed to achieving the level of overseas development aid in the timespan laid down by the previous Government; and if he will make a statement on the matter. [29409/08]

Peter Power (Limerick East, Fianna Fail)
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In the Programme for Government, the Government makes a commitment to expanding Ireland's Overseas Aid Programme. It has set a target of spending 0.7% of GNP on Official Development Assistance, ODA, by 2012. In 2008, the Government has allocated approximately €900 million to ODA. The majority of this funding — €769 million — comes under Vote 29, International Co-operation, which is managed by my Department, through Irish Aid. A further estimated €130 million will be spent by other Departments and through Ireland's contribution to the EU Development Co-operation Budget. Expenditure on ODA in 2008 will be the highest in the history of the programme, which we estimate will be approximately 0.54 % of GNP. This level of spending will ensure that Ireland remains one of the most generous donors in the world on a per capita basis, demonstrates our firm commitment to the developing world and is a clear indication that we are on track to meet the UN target.

Billy Timmins (Wicklow, Fine Gael)
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Question 1037: To ask the Minister for Foreign Affairs if he will issue ethical guidelines instructing State agencies as to countries and products in which Irish State funds should not be invested in view of the past involvement of agencies investing such funds in Zimbabwe; and if he will make a statement on the matter. [29411/08]

Billy Timmins (Wicklow, Fine Gael)
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Question 1067: To ask the Minister for Foreign Affairs if he will instruct all State agencies to cease investment in Zimbabwe until a Government is formed there that represents the views of the people of Zimbabwe as shown in a free and fair election. [29410/08]

Micheál Martin (Cork South Central, Fianna Fail)
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I propose to take Questions Nos. 1037 and 1067 together.

I have in principle welcomed the agreement signed on 15 September by Robert Mugabe's Zanu-PF party and the two factions of the opposition Movement for Democratic Change (MDC), as have my EU colleagues. Ireland will reserve full judgment on this agreement until we have a clear picture of the allocation of Ministerial portfolios; and until we see evidence that the commitment and goodwill shown in brokering this agreement transfer into implementation. We will need to see how the proposed arrangements, especially the duplicate cabinet / Council of Ministers structures, will work out in practice. We will wish to be assured that violence and intimidation against opposition supporters and activists has ceased, and that the political and economic recovery of Zimbabwe can begin. I hope the administration which has emerged will reflect the mandate of 27 March last from the Zimbabwean people and fully respect their democratic will. It is on this basis that we will judge the value of the agreement, though we very much hope that it will turn out to be a most positive development for this long-suffering country, marking the beginning of a new era for it. EU Foreign Ministers will return to the situation in Zimbabwe in October, to discuss what progress has been made by that time. In the meantime, the EU has neither imposed new restrictive measures; nor has it lifted those already in place.

The investment of Government funds by State agencies is a matter for Ministers whose Departments have responsibility for those agencies, such as my colleague the Minister for Finance in respect of the National Pensions Reserve Fund. With regard to the National Pensions Reserve Fund, the issues raised relate to investments in a number of multinational companies which have operations across the globe, including Zimbabwe and indeed, in most cases, Ireland. The National Pensions Reserve Fund Commission is raising with these companies the concerns which have been expressed about their operations in Zimbabwe, taking into account of course the new and developing situation in this country. The National Pension Reserve Fund Commission's investment mandate, as set out in section 19 of the National Pensions Reserve Fund Act 2000, provides that the fund shall be invested to secure the optimal financial return provided the level of risk to the moneys invested is acceptable to the Commission. I understand that the Fund has gone as far as possible in accordance with its statutory investment mandate to adopt and implement a responsible investment policy and is actively pursuing a policy of engaging with companies on environmental, social and governance issues. In July 2007 it appointed Hermes Equity Ownership Services to execute proxy votes and engage with companies on its behalf across its global equity portfolio.