Jobs boost for International Fund

The International Fund for Ireland has helped create over 32,000 jobs since it was created in the mid-1980s, it said in its annual report today.

An independent study carried out for the Fund by accountants KPMG said between its establishment by the British and Irish governments in 1986 and September 2000 it has assisted 4,409 projects in Northern Ireland and the six southern border counties.

That translated into the creation of more than 32,000 jobs with another 5,400 in the pipeline.

The £395m (€645m) committed by the Fund had levered a further £851m (€1.39bn) from public and private sources, creating an overall investment of £1.25bn (€2bn) in the economies of largely disadvantaged areas.

During 2001 the Fund helped another 250 projects with more than £24m (€39m) support during 2001, according to the report.

It was ‘‘another busy and productive year of achievement’’ said chairman William McCarter, despite business activity being necessarily restricted by the outbreak of foot-and-mouth early in the year.

One of the Fund’s most innovative initiatives during the year was the launch of the Ulster Community Investment Trust, a not-for-profit community-based mechanism.

The Trust supports the development of the community economic development organisation sector in Northern Ireland and the six southern border counties.

The Trust assumed responsibilities for existing loans of £4.5m (€7.3) to Fund projects and received grant assistance of £1.2m (€1.95m) from the Fund.