The Department of Finance has published its intention to appoint a financial intermediary to manage the Northern Ireland Investment Fund.
The previous Executive agreed to allocate £100million of Financial Transactions Capital to the Northern Ireland Investment Fund as part of Budget 2016-17. This procurement publication is the next step in advancing this initiative.
The aims of this initiative are to increase investment in private sector led development, infrastructure and low carbon projects to deliver economic growth. The chosen financial intermediary will also be expected to lever in private finance and reinvest the £100million over the 10 year investment period.
The main areas targeted for investment through this initiative are mixed use site development; offices; industrial, warehousing and distribution facilities; research and development facilities; site remediation and access; other physical development that supports economic growth; energy efficiency, energy storage; and energy generation from solar, wind, hydro and waste to energy projects.
The financial intermediary is expected to be operational in the autumn and the first investment should follow within 12 months.
Belfast City Council is about to launch an initiative to support Grade A office development. Grade A offices are also within the scope of this £100million investment initiative. The Department and Belfast City Council consider these initiatives to be complementary and will work together to ensure they operate in a joined-up manner where appropriate.
Notes to editors:
- The contract is conditional on the independent Office of National Statistics classifying the arrangement to the private sector.
- The Tender is published on eTendersNI and in the Official Journal of the European Union (OJEU).
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