'Wealth fund' brought in to find funding for major South Yorkshire development projects
Organisation aims to find money for major development projects
A ‘wealth fund’ is set to take on South Yorkshire to find investment for some of the major projects lined up for Sheffield, Barnsley, Rotherham and Doncaster.
It has been announced this morning that the National Wealth Fund is expanding to take on the South Yorkshire area, supporting next wave of local growth projects.
It has agreed to enter into strategic partnerships with the South Yorkshire Mayoral Combined Authority, as part of the next phase of its work with local and regional leaders to accelerate major growth across the UK.
Officials say the region has reached the point where some of its planned projects are far enough progressed for its experts to get involved.
Initially it will only advise on the best way to get finances, including private capital or Government grants, but officials say in the future the NWF could pledge money itself.
Major projects which have been proposed in South Yorkshire have included the expansion of the South Yorkshire tram train scheme, with calls for it to serve Stocksbridge; as well as the re-opening of Doncaster Sheffield Airport; and the proposed Don Valley Corridor of advanced manufacturing and clean energy industries.
The agreement will give direct access to the National Wealth Fund’s investment knowledge, expertise and capital, to help develop and grow proposed projects, attract public and private finance and provide infrastructure to support growth and create jobs.
The NWF has been working with with Greater Manchester Combined Authority, Glasgow City Region, West Midlands Combined Authority and West Yorkshire Combined Authority for nearly a year.
It has looked at projects including Clyde Metro in Glasgow, the Sports Quarter in the West Midlands, a new zero-emission buses Greater Manchester and mass transit in West Yorkshire.
South Yorkshire’s Mayor Oliver Coppard said: “South Yorkshire has always shaped, made and created the things Britain needs to grow and succeed. Today, from the UK’s first Investment Zone and our Don Valley Corridor plan, to being named one of the country’s tech ecosystem’s rising stars, we’re once again putting South Yorkshire at the forefront of Britain’s industrial future.
“With world-leading assets like the AMRC, Boeing and McLaren rooted here, our partnership with the National Wealth Fund will help us go further, faster - backing brilliant businesses, bringing in investment, and creating the industries, technologies and opportunities that will power growth here in South Yorkshire and across the whole country.”
Oliver Holbourn, chief executive of the National Wealth Fund, said: “To unlock the UK’s future we need to grow regional economies.
“This announcement signals our continued commitment to expanding our partnerships with leaders across the UK, providing tailored support based on local needs and opportunities, creating jobs and spreading the lasting benefits of investment to the local communities they serve.”