INVESTMENTS by the Assembly's venture finance arm Finance Wales almost doubled during 2004. Finance Wales made 294 investments amounting to 10.51 million. This compared with 155 deals in 2003 at a total value of 6.51 million.

The 2004 business ranged from equity investments in established companies to micro-loans for start-ups.

In addition, Finance Wales levered in more than 27m of investments to its deals from banks, venture capitalists, business angels and other financiers.

Since its inception, Finance Wales claims to have leveraged 113 million from the private sector to work alongside its own 30m in direct investments.

Its funding partners include Barclays Bank and the Assembly's Welsh European Funding Office. The latter gives access to European structural funds.

Wales minister for economic development and transport Andrew Davies said: "This remarkable 90 per cent increase in the number of investments made during 2004 has benefited small and medium-sized enterprises throughout Wales.

"As well as its own investments, Finance Wales has been very successful in leveraging private sector funding which has created or safeguarded thousands of jobs across Wales."

Two examples of Finance Wales' deals were the management buyout of Swansea-based specialist wholesaler JT Morgan, and the management buyout of Cardiff-based aluminium window and door manufacturer Alurite.

Last year Finance Wales also made its first successful exit from a venture capital deal.

It sold its shareholding in the Crumlin-based semiconductor assembly and testing facility Atlantic Technology (UK) Holdings.