News: £27.8 billion fund to support next wave of South Yorkshire growth projects
The National Wealth Fund (NWF) has agreed to enter into a strategic partnership with the South Yorkshire Mayoral Combined Authority (SYMCA).
The £27.8 billion fund was created by the Government to back regional growth and clean energy.
Four new partnerships have been annpunced that will give more areas direct access to the National Wealth Fund’s investment knowledge, expertise and capital, to help develop and grow project pipelines, attract public and private finance and deliver key infrastructure to support growth and create jobs.
Previous work between the NWF and partners has been to identify and develop investment opportunities in priority areas, including place-based regeneration, transport and clean energy infrastructure. Projects already receiving advisory guidance and support through these partnerships include Clyde Metro in Glasgow City Region, The Sports Quarter in the West Midlands, a new zero-emission bus fleet in Greater Manchester and Mass Transit in West Yorkshire.
The Strategic Partnerships model, provided through the NWF’s Regional Project Accelerator programme, demonstrates the value of deeper, longer-term partnerships with local leaders, bringing the Fund’s expertise together with local knowledge to support projects that can improve local infrastructure, open up development opportunities and help places attract investment. The Fund will continue to explore further opportunities to extend the Strategic Partnerships model to other Mayoral Strategic Authorities and City Regions over time, while continuing to focus support where it can make the greatest impact.
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Oliver Holbourn, CEO of the National Wealth Fund, said: “To unlock the UK’s future we need to grow regional economies. This announcement signals our continued commitment to expanding our partnerships with leaders across the UK, providing tailored support based on local needs and opportunities, creating jobs and spreading the lasting benefits of investment to the local communities they serve.”
South Yorkshire’s Mayor Oliver Coppard said: “South Yorkshire has always shaped, made and created the things Britain needs to grow and succeed. Today, from the UK’s first Investment Zone and our Don Valley Corridor plan, to being named one of the country’s tech ecosystem’s rising stars, we’re once again putting South Yorkshire at the forefront of Britain’s industrial future.
“With world-leading assets like the AMRC, Boeing and McLaren rooted here, our partnership with the National Wealth Fund will help us go further, faster - backing brilliant businesses, bringing in investment, and creating the industries, technologies and opportunities that will power growth here in South Yorkshire and across the whole country.”
The NWF is not new, because it has taken over many of the functions of the UK Infrastructure Bank. Investments so far have already mobilised over £16bn in private sector financing at the point of investment, leveraging £2.50 for every £1 deployed.
The Regional Project Accelerator also offers project advisory support, focused on a number of regionally significant projects across the UK, and lending - low cost, flexible lending, directly to local government at gilts +40bps, to support regionally significant projects.
National Wealth Fund website
Images: JPG
The £27.8 billion fund was created by the Government to back regional growth and clean energy.
Four new partnerships have been annpunced that will give more areas direct access to the National Wealth Fund’s investment knowledge, expertise and capital, to help develop and grow project pipelines, attract public and private finance and deliver key infrastructure to support growth and create jobs.
Previous work between the NWF and partners has been to identify and develop investment opportunities in priority areas, including place-based regeneration, transport and clean energy infrastructure. Projects already receiving advisory guidance and support through these partnerships include Clyde Metro in Glasgow City Region, The Sports Quarter in the West Midlands, a new zero-emission bus fleet in Greater Manchester and Mass Transit in West Yorkshire.
The Strategic Partnerships model, provided through the NWF’s Regional Project Accelerator programme, demonstrates the value of deeper, longer-term partnerships with local leaders, bringing the Fund’s expertise together with local knowledge to support projects that can improve local infrastructure, open up development opportunities and help places attract investment. The Fund will continue to explore further opportunities to extend the Strategic Partnerships model to other Mayoral Strategic Authorities and City Regions over time, while continuing to focus support where it can make the greatest impact.
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Oliver Holbourn, CEO of the National Wealth Fund, said: “To unlock the UK’s future we need to grow regional economies. This announcement signals our continued commitment to expanding our partnerships with leaders across the UK, providing tailored support based on local needs and opportunities, creating jobs and spreading the lasting benefits of investment to the local communities they serve.”
South Yorkshire’s Mayor Oliver Coppard said: “South Yorkshire has always shaped, made and created the things Britain needs to grow and succeed. Today, from the UK’s first Investment Zone and our Don Valley Corridor plan, to being named one of the country’s tech ecosystem’s rising stars, we’re once again putting South Yorkshire at the forefront of Britain’s industrial future.
“With world-leading assets like the AMRC, Boeing and McLaren rooted here, our partnership with the National Wealth Fund will help us go further, faster - backing brilliant businesses, bringing in investment, and creating the industries, technologies and opportunities that will power growth here in South Yorkshire and across the whole country.”
The NWF is not new, because it has taken over many of the functions of the UK Infrastructure Bank. Investments so far have already mobilised over £16bn in private sector financing at the point of investment, leveraging £2.50 for every £1 deployed.
The Regional Project Accelerator also offers project advisory support, focused on a number of regionally significant projects across the UK, and lending - low cost, flexible lending, directly to local government at gilts +40bps, to support regionally significant projects.
National Wealth Fund website
Images: JPG
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