The Ireland Fund of Monaco has created a scholarship that will be accorded every year to an Irish writer and an Irish professor. These scholarships will allow the recipients to write in the quiet ambiance of the Princess Grace Irish Library during two month-long periods in the spring and autumn. The beneficiaries of these scholarships were chosen in Dublin by a committee, presided by Dr. Maurice Hayes, President of the Ireland Fund of Monaco.

The criterion for selection rests on the quality of recent published works and on professional excellence at a university. The first two recipients are the novelist Eoin McNamee and Angela Bourke, writer and professor specializing in Irish folklore. The scholarships cover all the costs involved (travel, housing, etc) as well as a stipend at the end of the stay.

The Irish Library created in 1984 by H.S.H. Prince Rainier, houses more than 8000 volumes including works from the 18th century up until today and includes the private collection of Irish works belonging to H.S.H. Princess Grace of Monaco. All of these works can be consulted and constitute an infinite source of information for lovers of Irish literature. In addition, every year the Princess Grace Irish Library organizes different events and conferences. The Library edits its own series of literary works and critiques, The Princess Grace Irish Library Series- based on the symposiums organized in Monaco every two years. Another project financed by the Ireland Fund of Monaco is the Internet site Princess Grace Irish Library-EIRData (www.pgil-eirdata.org) that constitutes a vast base of information on Irish works and authors.