This year the process of reconciliation achieved pivotal breakthroughs in the form of the Good Friday Peace Accord between Protestant and Roman Catholic leaders, the May 22 public referendum confirming those agreements, and the ongoing development of political structures to encompass both communities and replace British control. However, despite the fact that the Republic of Ireland's economy is among the fastest-growing in Europe, the decades of armed struggle have had a devastating effect on the economy of Northern Ireland and the border counties. Investment remains inadequate, unemployment and under-employment are high, and economic opportunity is beyond the reach of many. Economic assistance at the community level is the most effective means of directly reaching wards, sub-wards, and individuals in need.
Job growth is the chief determinant of civic stability.
The objectives of the Fund are to promote economic and social advancement and to encourage contact, dialogue, and reconciliation between Nationalists and Unionists throughout Ireland. The Fund seeks to reach these objectives by supporting and promoting social reconciliation through economic development in Ireland and Northern Ireland, with priority given to new investments that create jobs and reconstruct disadvantaged areas. Fund policy requires that in order to promote reconciliation, all projects should benefit both communities, and that the implementing organization must include members of both communities. The Fund has been very successful in encouraging communities to take ownership of projects which can benefit their areas. The jobs and social stability which result from the U.S. contribution to the Fund are a tangible expression of the U.S. policy of encouraging peace and reconciliation through economic progress.