€6.8bn fund won't target poor areas
A NEW €6.8bn investment fund plan will not be specifically targeted at helping struggling regions, a top government official has admitted.
Department of Public Expenditure secretary general Robert Watt said he was unaware of any regional aspect to it.
The Public Accounts Committee heard that under the plan, private-equity funds in Dublin and London are being used to seek out investments.
The money is being taken from the National Pension Reserve Fund (NPRF), which is being wound up, and will be used to attract matching commercial investment.
It is expected to be ploughed into projects such as road building, water infrastructure and school-building programmes.