NORTHERN Ireland is expected to get a major financial boost which could create up to 1,500 new jobs as a result of a scheme set up under a European Union Special Support Programme for Peace and Reconciliation.

"So far, over £110 million sterling in new capital investment and an estimated 1,500 new jobs in Northern Ireland are expected to result from loan projects approved under the Interest Relief Subsidy Scheme," Sir Brian Unwin, president of the European Investment Bank, said yesterday.

The scheme, started in March, forms part of a joint initiative by the EU, the British and Irish government to provide subsidy funding for investment finance in Northern Ireland and the Border counties. The Northern Ireland economy minister, Baroness Denton, said she was particularly pleased at the rapid take up of funds under the scheme.