The Irish government has announced it is investing a total of €3.3 million in schemes aimed at producing jobs across the country.

More than 450 positions may be created by giving the nation's county and city enterprise boards a financial boost, the Taoiseach, Brian Cowen, said.

"It's an important initiative because it’s the creation of jobs in local communities," enterprise minister Batt O'Keeffe declared.

The news comes as Mr Cowen welcomed the first investments made under Innovation Fund Ireland, providing venture capital to entrepreneurs and new enterprises in order to create further business and employment opportunities.

Grants will be provided to 35 enterprise boards by the end of the year in a bid to provide small firms with ten or fewer staff with additional support during their early establishment.

Companies will be given training and mentoring in a bid to ensure they survive past their initial stages and the funds are in addition to €15 million already allocated to enterprise boards this year.

Posted by Alex Donnell