THE Taoiseach last night rejected criticism of the funding the new plan to aid the west of Ireland which he launched in Athenry, Co Galway.
"It's £25 million more than they [the critics] have put in," Mr Bruton said before publication of the Western Development Partnership Board's action plan. He said the kernel of the plan was the establishment of the Western Investment Fund, which would take over where the National Development Corporation left off. The remit of this fund would be confined to the western region.
Its purpose, he said, would be to provide long term risk capital for developing business projects not currently attracting funding from commercial or State agencies.
"What we are doing is putting pride to work. We are putting western pride into action because the problems cannot be solved from Dublin and people now have an opportunity to invest in their own communities."
He said the fund would meet a long standing need in the financing of developing businesses. It will provide "patient" money that expected a good return but was willing to wait for it.
Mr Bruton added that the proposed fund would draw on resources progressively from the Exchequer, the EU, the European Investment Bank and private depositors. In time, he felt, it would attract money from outside the region.
He also announced the setting up of a Western Development Commission which would replace the Western Development Partnership Board at the end of the year.
He added the action plan proposed the development of local enterprise networks to provide support for enterprise at community level and said the Minister of State, Mr Donal Carey, would coordinate the discussions that would take place between the Western Development Partnership Board and Departments and agencies on proposals for development.
Mr Bruton defended the policy and said the region deserved such attention. He praised the work of the western bishops and said the announcement was as a result of their initiative.