A fund set up 20 years ago to invest public money in West of Ireland businesses has generated a return of almost two-and-a-half times its original value.
Analysis into the socio-economic impact of the Western Development Commission’s Western Investment Fund was carried out by Indecon.
They say the Fund has provided “an impressive contribution to economic activity in the Western Region and has made a significant contribution to the national economy”.
It has achieved a financial return on investment of almost two and a half times its original Exchequer allocation of €31.75m.
The contribution of companies supported by the fund to Ireland’s economy since 2001 is estimated by Indecon to be almost €3.3 billion.
The WDC Investment Fund provides seed and venture capital and loan finance to companies and community projects across Mayo, Galway, Sligo, Leitrim, Roscommon,Donegal and Clare.
It co-invests with private sector investors on a commercial basis and all returns are reinvested back into the region.
Gillian Buckley, Investment Manager at the WDC told Midwest News that this report shows the very impressive impact the fund has had on the region…