Member Article

Leeds City Region opens infrastructure fund

Leeds City Region has launched the first round of its £24m Growing Places Fund, which will go towards infrastructure projects.

£10m will be available initially, and the LEP is inviting expressions of interest from a variety of organisations, with final decisions on the allocation of funds due in the summer.

The Growing Places Fund is a revolving fund, distributed mainly as loans and over the long term, the funding will be returned to the LEP to be re-invested in other infrastructure projects.

Chair of the Leeds City Region LEP, Neil McLean said: “From our discussions with business and the public sector, we know that unavailability of finance is a major barrier preventing many infrastructure schemes from progressing.

“Through the Growing Places Fund we aim to help unlock those schemes that will make the biggest difference to the City Region economy.

“The Fund will also provide vital financing for the LEP over the longer term, enabling us to re-invest in future projects that will create jobs and economic growth, or lower carbon emissions.”

Examples of projects the Fund could support include investment in physical infrastructure, such as new roads, local energy generation or infrastructure that will provide apprenticeship and training opportunities.

Iain Moffatt, KPMG’s senior partner in Leeds, commented: “Infrastructure has a strong case for being the beneficiary of funding designed to support the region’s economic development.

business sentiment indicates that the quality of our regional infrastructure at the moment isn’t helpful to efforts by the area to ‘sell’ itself as a business base.

“A recent KPMG survey of Yorkshire businesses found transport infrastructure got a thumbs down, with nearly one in three business leaders citing it as a regional weak point.

“As this area has to compete harder than ever for investment, with others in the UK and in the global economy, it’s vital that the Leeds city region is, and is perceived to be, great place to do business.

“So I’m confident that in encouraging investment in an area that stands to boost ‘our’ credentials, is a very positive move from the LEP and is perhaps an early indication of the benefits of locally based and public/private decision making when it comes to the stimulating of economic growth.

“Improved connectivity between the region’s economic centres, ports and airports as well as national and international hubs could greatly benefit the city region.”

The objectives of the Growing Places Fund is to generate economic activity in the short term by addressing infrastructure constraints; establish sustainable revolving funds for the LEP and to lever in additional investment from other funding sources.

This was posted in Bdaily's Members' News section by Tom Keighley .