#Budget13 – Ireland to create €175m 10-year venture capital fund

5 Dec 2012

In a bid to boost job creation by indigenous companies, the Minister for Public Expenditure and Reform Brendan Howlin, TD, said he has endorsed the creation of a 10-year €175m Venture Capital Fund to fund new and existing companies.

In a series of measures aimed at supporting growth across the sectors, Howlin allocated just under €500m in 2013 to the Department of Jobs, Enterprise and Innovation to drive the jobs agenda.

Enterprise Ireland will be allocated €139m to support indigenous exporters in 2013.

The allocation will support the launch of a new 10-year €175m Venture Capital Fund.

Some €26m will be allocated to fund the restructuring of the county enterprise boards to provide a one-stop-shop through the Local Authority System for small businesses.

He also provided an additional €11m and €26m in a full year to allow the Department of Social Protection to increase by 10,000 the number of placements available across the labour market activation schemes run by the department.

Howlin said that in terms of capital expenditure, the overall capital budget for 2013 will be €3.4bn and will focus on health, education and jobs.

In July, he announced a €2.25bn stimulus package to support investment in key areas of infrastructure, including building new schools and kickstarting work on the new Grangegorman DIT campus for which work will get under way in 2013.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years