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North West nabs £110m fund
EIB awards Evergreen project to region to help regeneration efforts
Date Published: 29/07/2010 10:28:38
A new £110m fund has been awarded to a consortium of North West-based local authorities to help kickstart regeneration projects in the region – some good news in a week of budget slashing for most municipalities and counties.
The Evergreen project will be operated by the leaders of Greater Manchester’s 10 councils along with commercial property consultancy CB Richard Ellis.
It will be made up of three separate pools to cover Greater Manchester, Cheshire, Lancashire and Cumbria, and another for use in any of those areas.
The fund, awarded by the European Investment Bank, will be made up of £20m of European investment money, £10m from the Northwest Regional Development Agency and £30m from public sector match funding. The Greater Manchester Pension Fund is also set to contribute £50m.
Sir Richard Leese, leader of Manchester City Council, said: “In these challenging times, when public resources are extremely limited, it is important that we continue to deliver as many regeneration priorities as possible by unlocking new ways of finding investment.”
