Manchester wins 100m EIB support
Fri, 28th November 2014

Manchester wins £100m EIB support

Up to £100m is to be provided to support regeneration projects across Greater Manchester including the development of new facilities at Manchester Science Park and work at NOMA.

Along with urban regeneration projects, the long-term loan facility from the European Investment Bank (EIB) is to be used to support the improvement of community facilities and public space.

Projects which could benefit include work on new facilities at the Hub on Manchester Science Park, the development of the public realm at NOMA and the regeneration of the New Smithfield Market.

It will also fund the replacement of existing city street lighting with energy efficient LED lights and development of a district heating network serving the Manchester Civic Quarter.

The funding is the first support for urban regeneration investment by the EIB in the UK outside London.

Sir Howard Bernstein, chief executive of Manchester City Council, said: "This long-term loan facility with the EIB for projects which will have economic and social benefits in Manchester and Greater Manchester and generate jobs, savings and improved facilities is very welcome.

"It means that where the council was already planning to borrow for these existing schemes we have scope to do so at a much more competitive rate than anything which can currently be obtained commercially."

Jonathan Taylor, EIB vice president, added: "Residents and businesses across Manchester will benefit from new investment in urban regeneration projects being unlocked today.

"The diverse schemes will improve community education and health facilities, create employment opportunities and cut energy costs across the city, as well as improving public spaces to make Manchester an even better place to live.

"The EIB is pleased to continue our strong engagement with the city, the first outside London to benefit from long-term EIB support for urban regeneration. This follows past support for the Metrolink and improved water services."

In recent years, the EIB has supported more than £820m of long-term investment in Manchester including the expansion of Metrolink.

category North West  |  source Insider Media