Economy Minister Conor Murphy allocates £45m Regional Balance Fund
Economy Minister Conor Murphy has allocated £45m across all 11 councils to drive economic development across the north.
The news follows the publication of the Minister’s Sub-Regional Economic Plan which includes the establishment of Local Economic Partnerships (LEPs) in each council area to identify their specific needs and the interventions needed to aid their economic development.
The Minister announced the allocations at the first meeting of Newry, Mourne and Down’s Local Economic Partnership meeting.
The Minister said: “I recently launched the Sub-Regional Economic Plan which sets out a new strategic approach to economic development; locally led and with a mission to deliver regional balance. A key element of the Plan is the establishment of Local Economic Partnerships at council level.
“Partnerships will identify the main barriers to economic development and the priority interventions that will build the region’s value proposition. My Department will recalibrate its programmes and budget to help meet these priorities. Partnerships will also have additional dedicated funding to support local action.
“This £45m Regional Balance Fund will help fund the actions the Partnerships bring forward to drive economic development in their area and help deliver a regionally balanced economy where everyone shares the benefits of prosperity.”
The full details of the allocation to each of the 11 Council areas is available on the Department’s website at https://www.economy-ni.gov.uk/articles/regional-balance-fund
Supported by the Department and Invest Northern Ireland, each of the Partnerships will now develop proposals in line with Minister’s economic plan of creating good jobs, increasing productivity, improving regional balance and decarbonisation.
The Minister added: “I firmly believe local issues require local solutions and the Department and Invest NI will champion and support councils in the delivery of this important work.”
Alan McKeown, Executive Director of Regional Business at Invest NI said: “Invest NI’s regional strategy, in support of the Minister’s Regional Economic Plan, outlines our commitment to supporting regional balance. This includes a commitment to deliver 65% of our investments outside the Belfast Metropolitan Area.
“These Local Economic Partnerships are crucial to delivering a locally focused approach to economic development and delivering on this commitment. They will ensure all stakeholders are working together to unlock significant opportunities for businesses in their area. We will work closely with councils and local stakeholders to develop impactful proposals that will drive sustainable economic growth and deliver lasting benefits for our communities.”
Speaking on behalf of Solace NI, it’s Chair Marie Ward said: “Local Economic Partnerships will have the tools to place regional balance at the centre of their ambitions, shaping economic priorities that will deliver capital investment against the Department’s ambitions of creating good jobs, delivering increased productivity, decarbonisation, and addressing sub regional disparities across Northern Ireland”.
After welcoming the Minister to the district, Cllr Byrne, Chair of Newry, Mourne and Down District Council said: “The Minister’s visit, coincided with the inaugural meeting of the Local Economic Partnership, established specifically for the Newry, Mourne and Down District Council area. The investment brought forward by the Department for Economy, will be an enabler for this Local Economic Partnership to not only propose and develop local actions, but to take forward strategic investment opportunities for the district, addressing localised challenges, and delivering against the Department for Economy’s vision for economic growth and achieving regional balance.”