Govt Announces £105m Economic Funding For Derry And Strabane

The Derry City and Strabane City Region economy has been boosted with government funding packages worth £105 million.

The UK government announced a economic package which includes a £50m 'City Deal' and a £55m 'Inclusive Future Fund'.

This announcement follows a visit to the City last July when the Chancellor Philip Hammond met with civic and political leaders to hear of the plans and invited a bid for a City Deal to be formally submitted.

Derry City and Strabane District Council led the City Deal bid along with the support of a wide range of local education, business and economic partners. It will focus on education, innovation, job creation and skills development, as well as the expansion and growth of the Magee campus of Ulster University.

Mayor of Derry City and Strabane District Council, Councillor John Boyle said: "This hugely significant announcement today for the Derry and Strabane District will go some considerable way in addressing the long-standing obstacles to economic development that this City Region and its people face. It is good news and is the result of an enormous amount of work and sustained effort invested by Council and the City and Regional partners to develop, deliver and negotiate on the bid."

The bid was supported and endorsed by all local and regional political parties and representatives and devised around the key strategic economic projects outlined in the City and District's Inclusive Strategic Growth Plan 2017-2032.

The investment package will advance the delivery of a range of smart city and digital infrastructure projects and initiatives, further positioning the City and District as a highly digitally enabled location for cutting-edge business development and expansion and inward investment.

It is anticipated that the UK Government investment package will be at least matched by a similar commitment from the NI Executive and further investment from project partners, bringing the total investment to over £300m.

Council Chief Executive John Kelpie added: "This City and District has seen much progress in recent years economically, physically and socially. It has however significant remaining challenges in overcoming an infrastructure deficit and a legacy of underinvestment both of which have been such inhibitors to sustainable economic growth.

"This funding package, if directed at the key agreed strategic growth projects and if used to lever significant further public and private sector investment, will deliver a new era of unprecedented growth and development for the City and Region providing tangible benefits for all of our citizens and a promising future for our children and young people."

Work will now to continue to develop the necessary detailed business plans and advance the projects through planning and design.

(CM/MH)