The Western Development Commission has criticised the Minister for Finance's decision to cut its venture capital funding budget by almost 70 per cent.
The commission's chairman, Mr Michael Farrell, described it as a "devastating blow" to the west of Ireland. However, the Minister for Community, Rural and Gaeltacht Affairs, Mr Ó Cuív, has said that the commission did not allocate its full funding budget this year, and two-thirds of it was returned to the Exchequer. The Minister is currently conducting a review of the commission.
Expressing his disappointment at the almost 70 per cent cut in funding to the Western Investment Fund from €6.35 million to €2 million, Mr Farrell called on the Government to honour its commitment to the west and to the commission by reinstating the fund's full allocation.
The commission is seeking an urgent meeting with Mr Ó Cuív on the issue.
"The Western Investment Fund is one of the few sources of venture capital funding going into the west of Ireland," Mr Farrell said.
A spokeswoman for Mr Ó Cuív said that the Minister would meet the commission.
If demand for investment funds exceeded the supply allocated, the Minister would try to fund it through savings in his own Department.
