US funding 'depends on MacBride'

Anyone applying for some of the US investment package for Northern Ireland unveiled last week must sign up to the MacBride Principles.

The New York city comptroller William Thompson said the Emerald Fund would not do business with any company that did not abide by the principles.

Mr Thompson's office alone has pledged $150m to the fund.

The principles are strict fair employment guidelines named after former IRA leader Sean MacBride.

"It is something that we continue to believe in, something that we have still been aggressive about across four comptrollers dating back to the late 1980s and we still are committed and have been committed," Mr Thompson said.

"This is going to be Emerald looking for projects and I think that they understand that we are still committed to the MacBride Principles and I think that they'll make that clear to anybody they're going to do business with."

It is expected that half or more of the $150m will be used to finance projects in Northern Ireland that target sectors such as energy, waste management, water, property and ports.

Money from the fund will also be used to back green energy and environmental projects in the USA.

It is expected that other pension funds will also contribute to the Emerald Fund and that in time it might have access to up to $750m.

The fund will be run from offices in Belfast as well as in New York.