Irish agri-businesses to benefit from €1bn scaling initiative
A €1 billion government investment initiative has been launched to help create the next generation of Irish companies of scale.
Announced by Tánaiste and Minister for Finance, Simon Harris, and Minister for Enterprise, Tourism and Employment, Peter Burke, today, October 11, the €1 billion fund will be administered by the Ireland Strategic Investment Fund (ISIF), and will run until 2030.
The initiative will focus on sectors where Ireland has "an embedded competitive advantage", according to a statement by the Department of Finance.
This includes technology, life sciences, business services, as well as food, agriculture and the marine, among others.
"The initiative aims to ensure ambitious Irish businesses have access to capital to grow internationally while maintaining a significant presence in Ireland, contributing to the Irish economy’s long-term resilience and prosperity," the statement said.
According to Minister Burke, supporting Irish businesses to scale "is a priority for this government".
"Businesses need access to investment capital to grow and compete, yet many continue to face challenges securing the finance they need.
"ISIF's commitment to a €1 billion investment programme to help scale Irish enterprises to 2030, will help develop the next generation of Irish companies of scale, provide vital capital to the market, and strengthen investor confidence in the potential of Irish businesses.”
Minister Harris added that "... this programme will help expand and accelerate that strategy by providing access to capital to grow internationally, while maintaining a significant presence in Ireland, contributing to the Irish economy’s long-term resilience and prosperity”.
Expand and accelerate
According to the statement, ISIF has already backed more than 500 Irish companies under its 'scaling businesses' investment theme, and this initiative was expected to expands and accelerate that strategy.
"The initiative is aligned with ISIF’s 'double bottom line' mandate, and all investments will be made on a commercial basis in a manner designed to support economic activity and employment in Ireland."
The statement added that: "ISIF will invest through a range of channels including direct equity and debt investments in companies, partnerships with specialist fund managers, and other solutions aligned with ISIF’s long-term patient capital philosophy".
