£275 Million Strategic Economic Investment Fund To Fuel Thames Gateway
29 November 2007
Communities across the Thames Gateway are to benefit from £275 million of investment to transform the area and deliver local economic sustainability.
A new Strategic Economic Investment Fund was announced today by the Department for Communities and Local Government (CLG), the East of England Development Agency (EEDA), the London Development Agency (LDA) and the South-East England Development Agency (SEEDA).
The joint fund will be invested over three years and will support initiatives to transform the Thames Gateway with forecasters estimating the area could add an additional £12 billion GVA per annum to the UK economy.
- Projects that will initially be targeted by the fund include:
An Innovation and Learning Centre at the multi billion pound London Gateway Port.
- The Royal Opera House Production Park in Thurrock.
- The creation of an International Institute for Sustainability – driving forward global leadership in innovation and the environmental agenda across the Thames Gateway.
- A Construction and Green Skills Programme, to include a Sustainable Construction Centre (SUSCON) at Ebbsfleet.
- An Environmental Infrastructure Fund to increase the uptake of low-carbon technologies.
With the Thames Gateway arguably being the biggest regeneration project in Western Europe it remains essential to the future growth and competitiveness of London and the Greater South East.
The investment fund will comprise £80m committed by CLG and a total of £120m committed by EEDA, LDA and SEEDA with the RDAs committed to finding an additional £75m from other public and private sector sources.
Judith Armitt, Chief Executive of the Thames Gateway Executive in CLG, said:
"The Thames Gateway Delivery Plan seeks to set out programmes of investment around key objectives to boost the economy of the Gateway. No one organisation or agency can deliver this alone. I welcome this initiative not only in terms of the new level of investment, but in terms of better governance and strategic direction of public sector investment. By working together, we can build investor confidence and lever in the private investment needed to truly transform the Gateway."
SEEDA Chief Executive, Pam Alexander, said:
"The Economic Development Investment Plan that we are developing with our partners nationally and locally sets out the strategic economic priorities. This new Joint Fund will allow us to make real progress with the initial priorities. These include an innovation and Learning Centre for Ports and Logistics at the London Gateway port and an International Institute for Sustainability at Kent Thameside, Dagenham Dock and at Shellhaven, linked to the Thames Gateway Institute of Urban Renaissance."
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