Funding will support the Atlantic Economic Corridor initiative and Western Investment Fund.
Published 10 December 2018
Michael Ring, TD, Minister for Rural and Community Development, and Seán Canney TD, Minister of State at the Department of Rural and Community Development, today (10 December 2018), announced additional funding of €500,000 for the Western Development Commission (WDC). The additional funding will support the work of the Atlantic Economic Corridor (AEC) initiative and maximise the use of the Western Investment Fund which provides financing for micro-enterprises and SMEs in the Western region.
Speaking at a meeting of the Atlantic Economic Corridor Taskforce in Carrick-on-Shannon, Co. Leitrim, Minister Canney said: “The AEC project is a collaborative initiative, with public and private stakeholders working together to develop the strengths and assets of the cities and towns along our western seaboard, from Donegal to Kerry.
“The aim of the project is to connect the economic clusters and catchment areas of the region to attract investment, support job creation and improve the quality of life of the people who live there. The project is overseen by the Atlantic Economic Corridor Taskforce, which I chair, involving key stakeholders from the public and private sectors who share a common vision for the growth of the region.“
Minister Canney continued: “As the AEC initiative develops and grows, the importance of strengthening the collaboration between stakeholders and in communicating our message is paramount. I have therefore asked the Western Development Commission to take on a co-ordinating role to support the work of the AEC Taskforce and its Subgroups. The support and knowledge that the WDC can bring to the AEC project at regional level will be invaluable to my Department and to the development of the Atlantic Economic Corridor project as a whole.”
To support the WDC in this work, Minister Ring said: “With Minister Canney, I have secured €500,000 in additional funding for the WDC for 2019, which will help them to strengthen their resources, both to support the AEC project and to maximise the impact of the Western Investment Fund which provides investment for micro-enterprises and SMEs in the Western region. I want to thank the Board and Chief Executive of the Western Development Commission for agreeing to carry out this new AEC coordination role and my Department looks forward to working closely with the Commission to help deliver on the AEC’s objectives.”
The announcement comes just weeks after projects based in the AEC region secured €50 million in investment from three Government funds to support rural and urban regeneration and enterprise development.
Tomás Ó Síocháin, Chief Executive Officer of the WDC, said: “There is significant alignment between the work of the Atlantic Economic Corridor and the goal of the Western Development Commission in building a sustainable future for vibrant communities. The work of the AEC Taskforce will benefit the full length of the western seaboard. The WDC, in co-ordinating business, state and community effort, can bring the benefit of 20 years of investment, development and policy experience to bear in helping the AEC to become a globally competitive region of scale.”
Note for Editors:
Atlantic Economic Corridor
The Atlantic Economic Corridor is a collaborative initiative between the public and private sectors to maximise the assets along Ireland’s western seaboard and connect the economic hubs, clusters and catchments of the region to attract investment, support job creation and contribute to the Government’s regional development objectives.
The counties covered by the AEC area are: Donegal, Leitrim, Sligo, Roscommon, Mayo, Galway, Clare, Limerick, and Kerry.
The AEC initiative is overseen by a Taskforce chaired by Minister Canney. The Taskforce comprises representatives from key Government Departments, public bodies, the business sector, local and regional government bodies and Third Level Institutions. For further information, see www.atlanticeconomiccorridor.ie.
Western Development Commission and Western Investment Fund
The Western Development Commission is a statutory body under the aegis of the Department of Rural and Community Development that has the remit to promote both social and economic development in the western counties of Donegal, Leitrim, Sligo, Mayo, Roscommon, Galway and Clare. The WDC also adds value and regional focus to the work of national bodies, and actively engages with regional interests to initiate projects that build on the region’s strengths.
The WDC Investment Fund provides investment funding for Businesses, Community and Creative Industries, based in, or relocating to, the Western Region that are able to demonstrate they can provide a return on investment consummate with the investment risk being taken.
For further information, see www.wdc.ie.