┬ú100m fund to support green office developments in the North West
A new ┬ú100m Northwest Urban Investment Fund has been launched today, to help finance and support sustainable development in the region’s urban areas.
The European Regional Development Fund and the Northwest Regional Development (NWDA) agency have each put ┬ú50m into the scheme, which will be managed by the European Investment Bank.
Robert Hough, Chairman of the NWDA, said: “This initiative is an opportunity for the region to put a mechanism in place that will ensure we can prolong the benefit of our ERDF Programme. The Northwest Urban Investment Fund will allow us to invest in revolving funding, in addition to the normal single use grants.
This investment will be in the form of equity, loan or guarantee. The returns from these investments can be re-used on other projects again, and again, extending the life of our European funding and helping us to maintain a level of physical regeneration during the challenging economic climate.”
Liz Meek, chair of the European Regional Development Fund’s Programme Monitoring Committee said: “I am delighted to welcome today’s announcement. European funding has helped to regenerate many parts of the region over the last 15 years and this is a guarantee that this important work will continue at a time when the support is more needed than ever.”
The fund is part of the EU’s JESSICA scheme (Joint European Support for Sustainable Investment in City Areas) and is set to be open to submissions from April 2010.