Heather Humphreys is set to announce a €7billion annual funding boost for businesses after Brexit.
The Enterprise Minister is bringing a memo to Cabinet this morning asking colleagues to pass legislation for the huge cash injection.
A source said the Bill will “introduce a technical amendment by increasing the aggregate capital funding that can be provided to IDA Ireland, Enterprise Ireland and Science Foundation Ireland from €7billion to €14billion”.
He added: “This amount has not been increased since 1993.”
But in order to unlock the funding the minister first needs approval to amend legislation through the new Industrial Development (Amendment) Bill 2019.
It is being brought in the context of the Government promising support for firms after Brexit.
But a source said the technical change was going to happen with or without the EU divorce.
They added: “This is not a Brexit measure… this is something we would need to do anyway irrespective of Brexit.”
The Bill provides for further enhancements to the suits of Brexit supports that the Government has been providing to a range of business sectors.
It is aimed at increasing the ability of Enterprise Ireland to provide a competitive and flexible offering to client companies in terms of research and development grants.
The Bill will also provide lending investment instruments to firms as a development support. It seeks to enable EI to maintain the value of the State’s funding through follow-on share investment and
convertible debt instruments.
The Bill contains technical amendments to existing laws to increase the capital funding that can be provided to Enterprise Ireland, the IDA and Science Foundation Ireland.
It will increase the equity cap by €10million that Microfinance Ireland may receive.
This will ensure MFI is in a position to provide increased volumes of loans to micro-enterprises most impacted in a disorderly or hard Brexit situation.
A source told the Irish Mirror the Bill will also allow Enterprise Ireland to grant-aid the horticulture sector for the first time.
