Belfast Region City Deal partners have welcomed the news that Ministers will sign Heads of Terms for a transformative £210 million Derry~Londonderry and Strabane Region City Deal investment today.
In addition to £210m funding being provided equally by the Executive and the Westminster Government, a further £40m investment from Derry City and Strabane District Council and its delivery partners means the region is set to benefit from a £250m economic package.
Speaking on behalf of the Belfast Region City Deal partners, Suzanne Wylie, Chief Executive of Belfast City Council said:
“This is excellent news for our colleagues in the Derry~Londonderry and Strabane Region – and shows the Government’s commitment to investing in innovation and inclusive economic growth.
“Both the Belfast Region and the Derry~Londonderry and Strabane Region City Deals have real vision and ambition – and they’re based on the same values of collaboration, partnership and driving sustained, long term inclusive growth. These investments will significantly boost quality of life and the economy not only in our regions, but across the whole of Northern Ireland.
“This announcement is a boost for us all as we work to recover from the shocks of the COVID-19 pandemic. These City Deal investments will be vital in helping to rebuild our economy following the COVID crisis and will contribute to our long-term resilience. We’re going to see significant regeneration, increased productivity, and new and much needed jobs created here. We look forward to working with our colleagues in the Derry and Strabane Region to ensure that we maximise the benefits of these investments for all of us.”
Heads of Terms for the Belfast Region City Deal (BRCD) 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 be over £1 billion.
The BRCD partners are working with the NI and UK Governments to seek to deliver the next critical stage of the deal, the signing of the final deal document, which will allow government and partner investment to start to flow into the city deal investments early in the next financial year.