Tuesday, March 27, 2012

News: £6m infrastructure funding for city region


Sheffield City Region's Local Enterprise Partnership (LEP) has secured a further £6m worth of government funding to continue its programme to improve economic growth, job creation and housing in the city region.

The allocation is from the government's Growing Places Fund and will be used to support housing and employment investment in the city region with investments in projects such as new transport schemes and flood defences and the improvement of existing housing.

An allocation of £12.6m was announced last year and the government expects that the fund will allow LEPs to prioritise the infrastructure they need, empowering them to deliver their economic strategies.

James Newman, chairman of the Sheffield City Region LEP, said: "This funding boost will help the LEP to continue its development programme which is making a real difference to the Sheffield City Region. The Growing Places Fund is helping the LEP to concentrate its efforts where it matters locally, which means better value for money and real improvements for our communities and our economy."

Plans were being developed to use £7m from the government funding in a revolving funding model where funds could be used as equity or loans to pay for infrastructure developments. Repayments would then be used to create an ongoing pot of money.

Establishing a "JESSICA" fund for South Yorkshire could also lever in £13m of European funding.

Projects that could take advantage of the fund include flood defence and green energy projects.

Sheffield City Region website


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