The U2-sponsored Music Generation fund has received a $1 million (€760,000) donation from the Bank of America/ Merrill Lynch.
The bank, which has substantial operations in Ireland, has given the money which is half of the €2 million pledged towards Music Generation by the American Ireland Fund.
Music Generation was set up three years ago with a €5 million donation from U2. It aims to give every child who wants one a musical education through tuition and instrument schemes set by local authorities.
Minister for Arts, Heritage and the Gaeltacht Jimmy Deenihan described the donation as “immense” and said he hoped it would encourage other multinationals to support the arts.
“This will be a great example to other major corporations in this country to hopefully make contributions,” he said.
Music Generation schemes are operating in Cork city, Laois, Louth, Mayo, Sligo and Wicklow. The money will allow for expansion into a further four areas: Offaly, Westmeath, Carlow and Limerick city.
