Industrial Development Act, 1986

Grants towards reduction of interest.

[1969, s. 36]

23.—(1) The Authority may, in the case of an industrial undertaking which conforms to the criteria set out in subsections (3) and (4) of section 21 , make a grant on such terms and conditions as it thinks proper towards a reduction of the interest payable on a loan raised to provide fixed assets for that undertaking.

(2) The amount of a grant under this section shall not exceed 60 per cent. of the cost of the fixed assets in the case of an industrial undertaking in a designated area or 45 per cent. of the cost of the fixed assets in the case of an industrial undertaking elsewhere than in a designated area.

(3) Where a grant is made by the Authority under this section, the grant shall be in such form and on such terms and conditions as may be specified in a scheme governing the making of such grants sanctioned by the Minister with the concurrence of the Minister for Finance.