Thursday, 25 October 2012

£30 from Regional Growth Fund

The North East Local Enterprise Partnership has been allocated £30 million from the Regional Growth Fund to develop an infrastructure fund. By targeting those projects with the greatest economic returns the fund aims to create at least 2,300 new jobs over 10 years.

The North East LEP will find matched funding from the private sector to unlock strategic infrastructure investments across Northumberland, Durham and Tyne and Wear.

The North East LEP's infrastructure fund (NEIF) will be open to private sector and public sector applicants. Decisions will be made according to criteria which will reflect the economic returns from the investment whilst also taking into account the benefits to the least advantaged communities.

The success of the bid is in no small part down to local authorities and the North East LEP working together, something I has previously criticised them for not doing enough. Credit where credit is due.