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China and Ireland launch bilateral fund

By He Wei (China Daily) Updated: 2014-03-14 08:58

Each side putting in $50 million to lure more cash to the tech sector

China and Ireland have jointly invested in a $100 million fund to facilitate bilateral investment in the technology sector, as capital from Beijing continues to play a constructive role in Dublin's economic rebound.

The fund, which was launched with $50 million injections each from the China Investment Corp and Ireland's National Pension Reserve Fund, expects to attract up to $250 million, said Brendan Howlin, Irish minister of the department of public expenditure and reform.

China and Ireland launch bilateral fund

China and Ireland launch bilateral fund
Under the pact, the two countries' sovereign-wealth funds will finance the purchase of stakes in Irish technology companies. It is expected to be the first in a string of joint initiatives to take place between the two countries.

"The fund primarily targets companies operating in core technology sectors such as the Internet, software and clean technology, but it may also expand to agriculture, food and medical services with the advent of time," he told China Daily in Shanghai.

Co-managed by Chinese firm WestSummit Capital and Dublin outfit Atlantic Bridge Capital, the fund was established under the auspices of the Ireland Strategic Investment Fund, a national initiative to stimulate exports and boost foreign direct investment as the country emerges from its debt crisis.

The fund won't itself borrow to invest, but it would be leveraged in the sense that its cash will be used to attract more equity, said the minister. A 100 million euro ($139.5 million) fund could typically bring in extra investment exceeding $200 million.

Ireland was hit hard by a financial crisis that wrecked its banks and the property market. The country has formally exited a 2010 bailout with the European Union and the International Monetary Fund, and started to fund itself through the international bond markets.

According to Irish Minister of Finance Michael Noonan, the joint venture was part of a strategy to deepen economic links between the two countries, which he hoped would ultimately lead to Ireland tapping China to buy Irish sovereign bonds.

Since the outset of the financial crisis, Ireland has been seeking to diversify its sources of foreign investment away from Washington, which has long contributed the bulk of Dublin's foreign direct investment. This particular fund is designed to serve as a new model to garner investment from emerging partners such as China, Howlin said.

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