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Murphy announces over £700 million of investment

1 Mins read
BT Coleraine

Finance Minister Conor Murphy has announced over £700 million of new funding for infrastructure, regeneration, and tourism projects across the north.

The investment is the result of the Executive today agreeing to match fund £562 million for City and Growth Deals and £55 million for the Inclusive Future Fund. This match funding along with the British Government funding announced in May 2019 brings the total investment to £1.2 billion.

The Executive has also agreed to provide up to an additional £100 million for complementary projects where partners can demonstrate a viable capital project which is complementary to the City/Growth Deal proposals.

Finance Minister Conor Murphy said: “This investment package signals our desire to build a productive, regionally balanced and inclusive economy.

“The Executive is currently reacting to the COVID-19 emergency. We have already provided over £500 million in grants and rates relief to support businesses survive the ongoing pandemic.

“We also need to plan for the longer-term. This investment of over £700 million provide investment in local areas and much needed jobs and offers hope for the future.”

The package provides at least £700 million for the Belfast Region (which includes Antrim and Newtownabbey, Ards and North Down, Lisburn and Castlereagh, Mid and East Antrim and Newry and Mourne council areas), £252 million for the Mid, South & West, £210 million for Derry City and Strabane and £72 million for Causeway Coast and Glens.

The funding will complement funding announced for the North West including the Magee Medical School and will deliver a number of potential projects such as; Derry’s riverside development, Phase II of the Belfast Rapid Transit, extension of the Gobbins, Newry Southern Relief road and a visitor destination experience at the Mourne Mountains.

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