Investment Fund key to supporting tourism and boosting regional economic growth – O’Dowd
Date published:
Finance Minister John O’Dowd has visited a new 24-bed aparthotel in Derry which is set to open this spring.
The development by the Duddy Group will form part of the Holiday Inn Express, where the group also opened a bar and entertainment centre, Kaboodle, last year.
Both projects were part-funded by the NI Investment Fund which provides debt or equity finance for commercial property, regeneration and low carbon projects and is managed by the CBRE Lending team on behalf of the Department of Finance.
Minister O’Dowd said: “Tourism is a key driver of economic growth and community development. Investing in tourism creates jobs, sparks innovation, and supports sustainable progress.
“I was interested to hear from the Duddy Group how funding from my Department through the Investment Fund has been instrumental in delivering this project which is supporting 30 new jobs.
“The aparthotel and entertainment complex received a loan of £3.3million from the Fund which shows how targeted investments can really make a difference in helping developers progress projects.
“The outcome is an attraction that not only helps address regional imbalance but boosts local tourism and helps unlock economic growth.”
Brendan Duddy Jr, from the Duddy Group said: “The Investment Fund has been critical in providing the funding for Kaboodle entertainment centre at Holiday Inn Express complex. This has proven to be a major attraction for visitors and locals coming to spend time in Derry.
“The development of the short-stay tourist apartment suites as part of the Holiday Inn Express complex provide facilities for visitors from overseas, the south and any one visiting the city.
“This site had been empty since demolition of the former site in the early 80s. Similar to the location Kaboodle now operates from which hadn’t had any business operating there for over a decade.”
William Church, CBRE Lending said: “This is exactly the type of employment-led scheme the Fund was set up to enable, supporting economic growth in Derry / Londonderry as part of a NI-wide strategy. We are delighted to see it all so close to completion and the Kaboodle element up and trading, adding to the regional economy.”
Since its launch in 2017, the NI Investment Fund has provided £178.5million in loans resulting in over 5,180 jobs being supported. More information on the Fund can be found at: www.northernirelandinvestmentfund.com/
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