Member Article

£100 million EIB support for urban regeneration across Manchester

The European Investment Bank (EIB) has agreed to provide up to £100 million to support urban regeneration projects across Manchester and Greater Manchester.

The loan facility from Europe’s long-term lending institution will be used to improve community facilities and public spaces, as well as in initiatives to create jobs and cut energy bills across the city.

Other schemes which will benefit under the European Investment Bank backed programme include the development of public realm at NOMA to enable public access, regeneration of the New Smithfield Market and provision of improved community health, education and public spaces in Beswick.

It will also support the two new community leisure and library facilities which are also being built at Levenshulme and Hough End.

Public energy bills in Manchester are also set to benefit from the replacement of existing city street lighting by energy efficient LED lights and development of a district heating network serving the Manchester Civic Quarter.

The new programme represents the first support for urban regeneration investment by the European Investment Bank in the UK outside London.

In recent years the EIB has supported more than £820 million of long-term investment in Manchester, including expansion of Manchester Metrolink and state of the art waste treatment for the city.

The EIB has also supported improvements to water supply and waste water treatment by United Utilities, new social housing by Sanctuary Housing and construction of the new Royal Liverpool and Alder Hey Hospitals.

Last year the EIB provided nearly £5 billion for investment in water, energy, transport, health and education projects as well as corporate investment in the UK.

European Investment Bank Vice President Jonathan Taylor said: “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 European Investment Bank 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.”

This was posted in Bdaily's Members' News section by Sophia Taha .