Michael Noonan, finance minister for the Irish government, announced an additional $3.3m in capital for Enterprise Ireland to cope with the impact of Brexit.

Enterprise Ireland, the enterprise support agency of Ireland’s government, will receive an additional €3m ($3.3m) in funding, finance minister Michael Noonan announced in his budget speech, according to RTÉ.

IDA Ireland, the country’s agency responsible for attracting foreign direct investment, will also obtain an additional €3m in funding.

The move comes after the UK voted to leave the European Union in June 2016, a decision that led to Ireland gaining an opportunity to lure away business from its neighbouring country.

At the same time however, the continued collapse of the sterling – down some 20% since June – has also made cross-border shopping and online sales to the UK significantly less profitable for Irish companies.

The move was not universally welcomed by Ireland’s politicians. Maurice Quinlivan, spokesperson for jobs, enterprise and innovation of opposition party Sinn Féin, criticsed the small amount, saying it was inadequate to safeguard the operations of the two organisations.

Enterprise Ireland meanwhile launched another vehicle, the €200,000 Competitive Feasibility Fund yesterday, which will provide up to €25,000 to successful applicants involved in sectors including manufacturing and engineering, IT, life sciences, food and beverages, consumer products, industrial and healthcare.