Government plans equity fund for ‘high innovation’ firms

Budget 2021: Sector needs a range of supports to recover from pandemic hit, says Paschal Donohoe

Minister for Finance Paschal Donohoe at Government Buildings in Dublin ahead of announcing the budget. Photograph: Julien Behal Photography/PA

Minister for Finance Paschal Donohoe at Government Buildings in Dublin ahead of announcing the budget. Photograph: Julien Behal Photography/PA

Minister for Finance Paschal Donohoe said he plans to set up an equity fund to invest in “high innovation” Irish companies, in order to boost supports for small- to medium-sized businesses (SME) as they deal with the economic shock caused by Covid-19.

The Minister said that he has given a group of representatives from the Department of Business, Enterprise and Innovation, Enterprise Ireland, Ireland Strategic Investment Fund (ISIF), Europe Investment Bank and European Investment Fund until the middle of next month to come up with proposals on how European funds can be tapped to establish the fund.

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