£1 billion City Deal signed off by the Executive

By Q Radio News

The first of four City deals worth a billion pounds has been signed off by the Stormont Executive.

The Belfast Region deal is described as transformative for the regional economy and local people.

It includes £350million funding from the Executive, and will deliver 20 projects across six council areas, creating up to 20,000 new and better jobs and help make the region a global investment destination over the next decade.

The Deal will strengthen the region’s offer in growth sectors such as life and health sciences, digital and creative industries and advanced manufacturing.

It will also support next generation digital capabilities, boost tourism by creating world-class visitor experiences and enable regeneration, underpinned by infrastructure developments and investment in skills to connect people to jobs and services.
 
Belfast Region City Deal partners have been working intensively since 2017 with the NI Executive, UK Government and industry partners to develop the deal and prepare the case for investment.
 
Speaking on behalf of the Belfast Region City Deal partners, Belfast Lord Mayor Councillor Kate Nicholl said: “This is a momentous day for the Belfast region.

''Thanks to cross-party political support, private sector backing and unprecedented levels of collaboration from all of the Belfast region partners, we’ve succeeded in securing this significant, long term commitment to transforming the NI economy in the sectors where we have the potential to become world leaders.

''The Deal comes at a critical time, as we work to help local businesses and communities recover from the effects of the Covid-19 pandemic. A decade of opportunity starts now.”

Secretary of State for Northern Ireland, Brandon Lewis said: “The Belfast region is vibrant and exciting, bursting with potential.

“Built on a foundation of exceptional talent, creativity and innovation, it is no surprise that Belfast is already ranked in the top 25 Tech Cities in the world, and this funding, which will exceed £1billion, represents a significant opportunity for us to turbocharge the industries of tomorrow.

“The UK Government and NI Executive have each committed up to £350 million to the BRCD and the BRCD partners will contribute a further £150 million.

''By leveraging additional private sector investment, the partners will deliver a programme with an overall value well over £1 billion.”

The first of four City deals worth a billion pounds has been signed off by the Stormont Executivehttps://t.co/tZF9myUrDy

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First Minister Paul Givan said: “It is, by any measure, a monumental investment when you look at the overall figures.

''But it is more than justified when you consider the outcomes.

“We’re funding the great potential that exists here, and the promise of a brighter, better tomorrow.
 
“Our four City and Growth Deals will help to tackle regional imbalance and allow for additional regional regeneration.

''They will deliver a balanced spread of benefits across Northern Ireland, expanding connectivity and improving the lives of all our citizens.”

Deputy First Minister Michelle O’Neill said: “City Deals are an investment in our future.

''The Executive is committed to realising the economic potential they offer and maximising the opportunities they present for all.

''The scale of the investment reflects the enormous ambition, potential and capability, which is present throughout this whole region.

''Today’s milestone signing is a significant achievement for all the partners who have worked tirelessly to deliver this Deal and it is an excellent example of what can be achieved when we work together to co-design and co-deliver for the benefit of all our people.”

Minister for Finance Conor Murphy said: “This £1 billion investment is a game changer for the north.

''Social value criteria will be used in the award of contracts delivering strong social and environmental benefits including Living Wage jobs.”

Chair of the Belfast Region City Deal Executive Board, Suzanne Wylie added: “This once in a generation Deal simply couldn’t have been realised without the genuine common purpose and focus evidently demonstrated by all of the partners.

''When we pull in the same direction we achieve so much more. We’ve drawn on our collective expertise, resources and influence, we’re playing confidently to our regional strengths - and I think we’re spearheading a new way of public-private sector working which will make a really positive difference to people’s lives here.”

Heads of Terms for the Belfast Region City Deal were signed on 26 March 2019, committing the UK Government to investing £350 million.

This has been matched by the Northern Ireland Executive. And with £150 million from Belfast Region City Deal partners and private sector investment, it is anticipated that the total Belfast Region City Deal investment package will exceed £1 billion.

For more information on the Belfast Region City Deal, go to https://www.belfastcity.gov.uk/belfastregioncitydeal

Pictured left to right: Paul Givan, Conor Murphy, Kate Nicholl, Brandon Lewis, Suzanne Wylie and Michelle O'Neill