Ex-Pension Reserve funds pour into Irish Water
Published 02/06/2016 | 02:30
Almost a fifth of the investment made by the State-backed Irish Strategic Investment Fund (ISIF) has gone into Irish Water, according to figures for the period to the end of 2015.
The controversial new utility had received €450m out of a total of €2.2bn invested by the end of last year, the numbers show.
ISIF was created with cash from the old National Pension Reserve Fund and has a mandate to support economic growth and jobs.
A relatively small €325m that has been committed to the SME sector is responsible for the bulk of the 18,000 jobs directly and indirectly supported by ISIF finance, with 60pc of those jobs outside Dublin, ISIF said.
The overall ISIF investment saw €325m committed to the SME sector, €44m to energy, €30m to agriculture, €56m to direct equity ventures, €304m towards infrastructure, with a further €414m allocated for venture capital investment.
Property and Irish Water each accounted for €450m worth of investment.
Significant funds have been used for State infrastructure spending.
The fund has committed to investment for 2,300 student accommodation units at Dublin City University. In addition, funding has been provided to support the construction of 800 houses, with further land purchased which could eventually provide 1,250 homes.
There has been money assigned for the building of eight schools in counties Westmeath, Leitrim, Galway, Limerick, Donegal and Waterford. ISIF has also been used to help fund the Dublin Waste to Energy scheme.