Written answers
Thursday, 22 June 2017
Department of Arts, Heritage and the Gaeltacht
Western Development Commission Funding
Éamon Ó Cuív (Galway West, Fianna Fail)
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125. To ask the Minister for Arts, Heritage and the Gaeltacht her plans to provide funding to the Western Development Commission in 2017 for investment in business and industrial projects under the western investment fund or other instrument the Western Development Commission has to assist business in the west in view of the growing underspend in her Department; and if she will make a statement on the matter. [29450/17]
Heather Humphreys (Cavan-Monaghan, Fine Gael)
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The Western Investment Fund (WIF) is an integral element of the Western Development Commission's (WDC) strategy for accelerating the economic and social development of the Western Region. The Fund provides risk capital, by the way of loans and equity (but not grant aid, which is prohibited under the Act) on a commercial basis to micro-enterprises, SMEs and social enterprises.
All investments from the WIF are repayable and all monies recouped are re-invested in enterprises in the region. The WDC works closely with its clients, supporting them on a long-term basis and helping them to achieve their growth targets.
The original Government Decision sanctioning Exchequer funding to the WIF set the upper limit for Exchequer investment at £25 million (€31.7 million). Funding was drawn down on an ongoing basis as required by the WDC.
There has been no additional allocation of Exchequer funding provided to the Fund in recent years, as the limit of €31.7 million was reached in 2010.
To date, the WDC has invested over €45 million in enterprises in the region. My understanding is that there is sufficient return on existing investments from the WIF to address any current and future investment needs.
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