Belfast gets city deal to unlock additional funding
UK Government and Northern Ireland Ministers have signed the first ever City Deal for Northern Ireland.
The Belfast Region City Deal potentially unlocks £1 billion of co-investment which will deliver more than 20 projects and programmes, create up to 20,000 new jobs and help improve the region's appeal as a global investment destination.
The Deal will strengthen the region’s offer in growth sectors such as life and health sciences, digital and creative industries and advanced manufacturing. It will also support next generation digital capabilities, boost tourism by creating world-class visitor experiences and enable regeneration, underpinned by infrastructure developments and investment in skills to connect people to jobs and services.
Heads of Terms for the Belfast Region City Deal committed the UK Government to investing £350 million. This has been matched by the Northern Ireland Executive, with a further £150 million from Belfast Region City Deal partners and private sector investment. It is expected that increased private sector investment will take the total above £1 billion.
"This is a momentous day for the Belfast region," said Councillor Kate Nicholl, Belfast's Lord Mayor. "Thanks to cross-party political support, private sector backing and unprecedented levels of collaboration from all of the Belfast region partners, we’ve succeeded in securing this significant, long term commitment to transforming the NI economy in the sectors where we have the potential to become world leaders. A decade of opportunity starts now."
Belfast Region City Deal partners have been working since 2017 with the NI Executive, UK Government and industry partners to develop the deal and prepare the case for investment.
"It is, by any measure, a monumental investment when you look at the overall figures. But it is more than justified when you consider the outcomes," said Paul Givan, Northern Ireland's First Minister. "As an Executive, we support the innovation and optimism which exists not just here in Belfast, but across the region. Our four City and Growth Deals will help to tackle regional imbalance and allow for additional regional regeneration. They will deliver a balanced spread of benefits across Northern Ireland, expanding connectivity and improving the lives of all our citizens."