Murphy announces over £700m of investment

Finance Minister Conor Murphy has announced over £700m of new funding for infrastructure, regeneration, and tourism projects across the north.

The investment is the result of the Executive today agreeing to match fund £562m for City and Growth Deals and £55m for the Inclusive Future Fund. This match funding along with the British Government funding announced in May 2019 brings the total investment to £1.2bn.

The Executive has also agreed to provide up to an additional £100m for complementary projects where partners can demonstrate a viable capital project which is complementary to the City/Growth Deal proposals.

Finance Minister Conor Murphy said: “This investment package signals our desire to build a productive, regionally balanced and inclusive economy.

“The Executive is currently reacting to the COVID-19 emergency. We have already provided over £500m in grants and rates relief to support businesses survive the ongoing pandemic.

"We also need to plan for the longer-term. This investment of over £700m will provide investment in local areas and much needed jobs and offers hope for the future.”

The package provides at least £700m for the Belfast Region (which includes Antrim and Newtownabbey, Ards and North Down, Lisburn and Castlereagh, Mid and East Antrim and Newry and Mourne council areas), £252m for the Mid, South & West, £210m for Derry City and Strabane and £72m for Causeway Coast and Glens.

The funding will complement funding announced for the North West including the Magee Medical School and will deliver a number of potential projects such as; Derry’s riverside development, Phase II of the Belfast Rapid Transit, extension of the Gobbins, Newry Southern Relief road and a visitor destination experience at the Mourne Mountains.

Notes to editors: 

1. City & Growth Deals operate on the principle of match funding from the British Government and Devolved Administrations.  The British Government has already committed to providing £562 million for the four City/Growth Deals. The Executive has also agreed to match the £55 million Inclusive Future Fund announced by the then Secretary of State in May 2019.
2. Derry City & Strabane have received an additional £55m through the Inclusive Future Fund for projects that are complementary to their City Deal. The up to £100m Complementary Fund is for the other three City/Growth Deals if they also have projects that are complementary to their Deal. 
3. In the financial package which accompanied the New Decade, New Approach document the British Government committed to providing £45 million from the Inclusive Futures Fund to deliver a Graduate Entry Medical School in Derry.

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