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26/03/2019
£350m Belfast City Deal Approved
The Northern Ireland Secretary Karen Bradley has given the go-ahead for a £350 million city deal for Belfast, the first of its kind for the region.
Ms Bradley signed the Heads of Terms for the agreement which will see the UK Government invest the funds over the next 15 years. It is proposed that this figure will be matched by the Northern Ireland Executive once the devolved institutions are restored.
The City Deal will be further bolstered by co-investment of upwards of £150 million from Belfast Region City Deal partners, along with investment from the private sector which is anticipated to bring the total investment package to over £1 billion.
More than 20 projects should be delivered as a result, with up to 200,000 new and better jobs to be created alongside an increase in productivity levels, positive work in deprived communities and a balanced spread of benefits across the region.
Ms Bradley said she was "delighted" to approve the deal, which will hopefully be closely followed by a financial announcement for the L'Derry application.
Speaking on behalf of the Belfast Region City Deal partners, Belfast Lord Mayor Councillor Deirdre Hargey said: "Today's signing of a Heads of Terms for the Belfast Region City Deal is a significant milestone in our journey towards substantial investment in inclusive regional regeneration.
"It's testament to the power of collaboration and partnership and we look forward to progressing plans with our wide range of partners, including our colleagues working to deliver a programme of investment for Derry-Londonderry and the North West region.
"This is an investment which will improve quality of life for people living here and further enhance our attractiveness as a destination of choice for investors, visitors, new residents and students alike."
Communities Secretary, Rt Hon James Brokenshire MP, added: "This is tremendous news for the communities and businesses living and operating in the Belfast City region.
"This transformative deal will bolster innovation, productivity and prosperity across the region, and I am delighted to see the hard work which has gone into this deal come to fruition."
Belfast's strengths are set to grow in various sectors, including life and health sciences, ICT, digital and the creative industries, as well as advanced manufacturing. It will also support digital development and tourism-led regeneration across the entire region, underpinned by infrastructure developments and investment in skills to connect people to jobs and services.
(JG)
Ms Bradley signed the Heads of Terms for the agreement which will see the UK Government invest the funds over the next 15 years. It is proposed that this figure will be matched by the Northern Ireland Executive once the devolved institutions are restored.
The City Deal will be further bolstered by co-investment of upwards of £150 million from Belfast Region City Deal partners, along with investment from the private sector which is anticipated to bring the total investment package to over £1 billion.
More than 20 projects should be delivered as a result, with up to 200,000 new and better jobs to be created alongside an increase in productivity levels, positive work in deprived communities and a balanced spread of benefits across the region.
Ms Bradley said she was "delighted" to approve the deal, which will hopefully be closely followed by a financial announcement for the L'Derry application.
Speaking on behalf of the Belfast Region City Deal partners, Belfast Lord Mayor Councillor Deirdre Hargey said: "Today's signing of a Heads of Terms for the Belfast Region City Deal is a significant milestone in our journey towards substantial investment in inclusive regional regeneration.
"It's testament to the power of collaboration and partnership and we look forward to progressing plans with our wide range of partners, including our colleagues working to deliver a programme of investment for Derry-Londonderry and the North West region.
"This is an investment which will improve quality of life for people living here and further enhance our attractiveness as a destination of choice for investors, visitors, new residents and students alike."
Communities Secretary, Rt Hon James Brokenshire MP, added: "This is tremendous news for the communities and businesses living and operating in the Belfast City region.
"This transformative deal will bolster innovation, productivity and prosperity across the region, and I am delighted to see the hard work which has gone into this deal come to fruition."
Belfast's strengths are set to grow in various sectors, including life and health sciences, ICT, digital and the creative industries, as well as advanced manufacturing. It will also support digital development and tourism-led regeneration across the entire region, underpinned by infrastructure developments and investment in skills to connect people to jobs and services.
(JG)
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