MOSCOW, November 18 (Sputnik) — The European Commission has adopted a Partnership Agreement with Ireland on the use of European Structural and Investment Funds (ESIF), the commission said in a statement Tuesday.
"Today's agreement paves the way for investing €3.357 billion [$4.2 billion] in total European Structural and Investment funding over 2014-2020," the statement said.
According to the commission, "the EU investments will help tackle unemployment and boost competitiveness and economic growth through support to innovation, training and education in cities, towns and rural areas. They will also promote entrepreneurship, fight social exclusion and help to develop an environmentally friendly and a resource-efficient economy."
Ireland experienced a major economic downturn in 2008, but is currently set to be the European Union's fastest growing economy with an expected growth of 4.6 percent in 2014 and 3.6 in 2015, according to the European Commission.
The European Union has five structural and investment funds: the European Regional Development Fund (ERDF), European Social Fund (ESF), the Cohesion Fund (CF), the European Agricultural Fund for Rural Development (EAFRD) and the European Maritime & Fisheries Fund (EMFF). So-called Partnership Agreements between the commission and European Union member states determine the use of ESIF funds.
