Local economic development receives £52m boost

Economic development throughout Northern Ireland is set to benefit from a joint EU and district council funding package of £52 million.

The EU has pledged a £26 million funding package for district councils, and that amount will be matched by a further £26 million from the 26 district councils over a four-year period.

Minister for Enterprise, Trade and Investment, Sir Reg Empey, welcomed the investment saying: “The money will encourage and foster entrepreneurship while injecting fresh economic impetus into broadening the business base in local communities. Today’s announcement is by no means a panacea for our ills, but it is a significant and welcome boost to local efforts to build sustainable economic development activity.

“The business climate is changing and it is important to capitalise on new opportunities and encourage enterprise. We need more new business ideas and people who are prepared to move into self-employment and business ownership,” he added.

It is hoped that Ledu’s Business Start programme, which will be part-financed by the European Regional Development Fund, can stimulate support for up to 6000 businesses. The councils 26 action plans cover a wide variety of activities including the development and marketing of local tourism.

The Minister said he was "committed to increasing working in partnership to deliver better services more efficiently”. In the face of some turbulent times, Sir Reg believed that “the impact that this money and the projects it will underpin, will go some way towards offsetting sizeable job losses”.

(GMcG)