Â£90m Tees Valley Growth Deal signed
A Growth Deal has been signed which will trigger £90m worth of investment into the Tees Valley area to help revitalise the local economy.
The additional funding, which will be targeted at Tees Valley during the next four to five years, will focus on investment in innovation, transport, infrastructure, skills and business support projects that will lead to the creation of a significant number of additional jobs.
Of the £90.3m, £22.9m will be has been confirmed for the first year of the scheme, while the remaining £67.4m will be made available from 2016/17 onwards.
The projects set to start in 2015/16 will help to create up to 1,000 jobs, up to 1,500 additional training places, allow up to 1,500 new homes to be built and generate up to £100m in public and private investment.
Local growth minister Penny Mordaunt said the package is part of the "long-term economic plan" to boost businesses in the North and provide more security for hard-working families.
Stephen Catchpole, managing director of Tees Valley Unlimited, the local enterprise partnership for Tees Valley, added: "The Growth Deal further empowers our local authority and private sector partners to work together to identify economic priorities and to develop investment strategies and projects at a local level."
Councillor George Dunning, leader of Redcar and Cleveland Borough Council, said: "Tees Valley’s ability to invest in much-needed infrastructure, ensure our future workforces are industry-ready and drive business-focused initiatives to diversify and strengthen the area’s economic foundations will be enhanced by the signing of the Tees Valley Growth Deal."
The Tees Valley Growth Deal is part of a £12bn long-term government programme to revitalise local economies.