A new State-run investment vehicle will have access to €6.4 billion from the National Pension Reserve Fund, according to the Government.

The Ireland Strategic Investment Fund, which is set to be established under the NTMA (Amendment) Bill 2013, will be tasked with investing in areas of “strategic importance” to the country, with a particular emphasis on economic growth and job creation.

To facilitate this a new Bill will allow for money currently in the pension reserve fund to be invested in commercial projects in Ireland.

Ministers Michael Noonan, Brendan Howlin and Pat Rabbitte, along with Minister of State Fergus O’Dowd, today gave more detail on the new fund as well as changes set to be made within the NTMA.

As well as setting up the new investment fund, the new Bill will establish the Government’s NewEra on a statutory footing, while also making changes to the governance of the National Treasury Management Agency.

NewEra was established in 2011 to help oversee investment in, and the disposal of, State assets. Following the passing of the Bill, the authority will also provide financial and capital investment advice to the Government.

Separately the Bill will create a single board to oversee the functions of the NTMA, which will report to the Minister for Finance. This will have no affect on the management of NAMA, however, which will maintain its own board.