Ireland Sets Out Budget Plan to Create $100 Billion Fund (1)

Ireland detailed plans to transform one of Europe’s rare budget surpluses into a sovereign fund expected to grow to around €100 billion ($106 billion) over the next 12 years to protect the economy from future downturns.

Finance MinisterMichael McGrath said 0.8% of gross domestic product, or about €4.3 billion, will be invested each year from 2024 to 2035 to take advantage of the corporate tax receipts from major multinationals based in the country.

A second fund will see contributions of €2 billion annually through 2030 to support infrastructure and climate-related projects, he said before parliament on Tuesday as he ...