Niall Collins (Limerick County, Fianna Fail)
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63. To ask the Minister for Finance if he will provide a list of Irish projects which the Government has identified for drawing down funding from the European Commission’s European Fund for Strategic Investments, which fund promotes job creation, long-term growth and competitiveness; and if he will make a statement on the matter. [3728/17]

Niall Collins (Limerick County, Fianna Fail)
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64. To ask the Minister for Finance the number of project applications entered by the State under the European Fund for Strategic Investments, per annum, in tabular form; the number of successful agreements to date; the estimated total expected drawdown of funds; and if he will make a statement on the matter. [3729/17]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 63 and 64 together.

The purpose of the European Fund for Strategic Investments (EFSI) is to support both public and private sector investment projects through loan facilities, which must be repaid, and guarantees to facilitate projects which otherwise might not proceed. EFSI's ability to deliver in a particular Member State is dependent on there being suitable public and private projects under its two funding windows - the Infrastructure and Innovation Window (IIW) and the SME Window.

EFSI provides an important additional funding mechanism to support investment in the pursuit of employment and growth. It should be considered alongside the other suite of investment mechanisms including the (European Investment Bank) EIB's normal lending activities. For the private sector there are also the commercially available financing options. In the case of the public sector, the State's capital investment programme is sufficiently funded via the state's borrowings through the NTMA, while other mechanisms such as PPPs and off-balance sheet vehicles are additional potential options for funding investment.

Since inception, Ireland has seen the main potential beneficiaries of EFSI as being in the private sector including entities such as PPP companies and I am pleased that the primary health care centres PPP has successfully drawn down EFSI funds. It should be remembered that each EFSI loan entered into by the State pre-commits funding for the repayment of such loans, and has to be considered in the context of the expenditure benchmark under the EU's fiscal rules.

The European Union's Financial Instruments are important for the implementation of the Government's commitment to supporting the financing needs of SMEs and ensuring that there is an adequate supply of affordable and appropriate credit to meet their needs. Such European Financial Instruments include the COSME and InnovFin Guarantee Programmes, both of which are made available under the EFSI SME Window. In 2016, the Strategic Banking Corporation of Ireland (SBCI) successfully applied for a €100 million guarantee facility under the COSME programme, and will use this facility to support the delivery of the Agri Cash Flow Support Loan Fund for Farmers as announced in Budget 2017, on behalf of Department of Agriculture, Food and the Marine. The SBCI has also submitted an application for the InnovFin counter guarantee to the European Investment Fund (EIF) and, if the application is successful, intends to use that counter guarantee to create a pilot program to offer a guaranteed loan product through partner bank(s).

As indicated, EFSI represents an additional funding option open to Government Departments, Agencies and commercial semi-State companies. As such, it is a matter for each of these entities to consider the potential eligibility of their projects for EFSI funding. Generally, Departments would have existing relationships with the European Investment Bank, which has responsibility for the management and operation of EFSI. Government Departments would, in the process of appraising their funding options for a particular project, engage with the EIB to consider the eligibility of their project for EFSI funding. My officials are currently compiling a list, through the EIB, of projects that have been approved for EFSI support in the State and I will forward the list to the Deputy in due course. However, this list may not be complete as it is possible that Irish private sector projects may receive funding from EFSI supported funds in other jurisdictions.

In addition, as the Deputy will be aware, the Minister for Public Expenditure and Reform has responsibility for capital expenditure and, in this context, engages with each line Department on an ongoing basis to consider and assess projects and the full range of available funding options.