Friday 20 September 2019

IDA steps up its support to Border firms as no-deal Brexit looms

The IDA, led by CEO Martin Shanahan (p), has said it is
The IDA, led by CEO Martin Shanahan (p), has said it is "fighting hard to win jobs for Ireland" in a very competitive international environment.
Dearbhail McDonald

Dearbhail McDonald

The IDA has stepped up its support of businesses in the Border and rural regions as the threat of a 'hard' or no-deal Brexit intensifies.

The IDA does not comment on individual grants as these are commercially sensitive to individual companies.

However, under the European Commission's State Aid transparency rules, member states are required to publicly notify details of individual aid awards above €500,000.

According to the Commission's State Aid Transparency Award Module, Ireland has granted aid in excess of €500,000 this year to three companies located in Border and rural regions.

Pramerica Systems Ireland Ltd was awarded the largest aid, of some €5.25m, last March. The objective of the IDA aid to the Letterkenny-based technology company was listed as "regional aid" under a direct grant/interest rate subsidy instrument.

Sligo based-pharmaceutical company AbbVie Ireland, another Border company, received some €2.25m in aid from the IDA for experimental development, while Borgwarner, a car parts manufacturer in Tralee, received €500,000 from the IDA as investment aid.

The IDA, led by CEO Martin Shanahan, has said it is "fighting hard to win jobs for Ireland" in a very competitive international environment.

"As part of our remit to win foreign direct investment to Ireland, IDA Ireland can offer financial support to potential and existing foreign direct-investment companies through a number of funding programmes and incentives," said a spokesperson for the agency.

"These funding programmes are vital in assisting IDA Ireland in its role to promote Ireland as a place to locate and expand investments in regions across the country."

The spokesperson added: "These supports are provided in areas such as research and development, training, employment and capital investment, and are operated in strict compliance with EU state rules within the IDA's grant programme."

Irish Independent

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