Evergreen fund to boost regeneration in the region
Regeneration projects in the North West could receive an investment boost after the selection of a preferred bidder to establish a major new fund.
A consortium, led by the Association of Greater Manchester Authorities (AGMA) and Manchester City Council, has been selected by the European Investment Bank to lead the North West Evergreen Fund, which aims to kick-start a “sustainable transformation” of the region.
The consortium, which will also include Greater Manchester Pension Fund, will be supported by local authorities across Cheshire, Cumbria and Lancashire.
The fund will start with £20 million in public money allocated from the North West’s share of the European Regional Development Fund as part of the JESSICA (Joint European Support for Sustainable Investment in City Areas) scheme. A further £10 million funding from the North West Regional Development Agency is expected to unlock £30 million of public sector match funding.
The consortium hopes the fund will top in excess of £300 million thanks to investment from both the Greater Manchester and Lancashire Pension Funds, which will boost regeneration projects over the next 10 years.
Evergreen will initially be made up of two pools – one specifically for Greater Manchester and one for Cheshire, Cumbria and Lancashire – plus a third to be spent in either area. Merseyside will be subject to a separate urban development fund.
[from: New Start 30.7.10]