The NI Executive, UK Government and key delivery partners have today signed off the Heads of Terms for the Derry and Strabane City Deal and Inclusive Future Fund. In addition to the £210m funding being provided equally by the Executive and the Westminster Government, a further £40m investment from Derry City and Strabane District Council and its delivery partners means the region is set to benefit from a £250m economic package. The transformative investment will bring massive benefits to the North West and today’s signing reflects the shared commitment to continued progress on this important investment plan.
Dawn McLaughlin, President, Londonderry Chamber
Reacting to the announcement that the Derry City and Strabane City Deal Heads of Terms have been agreed, Londonderry Chamber President Dawn McLaughlin said:
“We are thrilled that the City Deal Heads of Terms have been agreed between project partners and funders and we hope this will lead to the swift roll-out of the Deal’s projects. The North West stands to benefit from over £250m in funding which will boost our innovation and research, tourism, regeneration, create new jobs and attract further investment, and build on emerging industry clusters we have here in the North West like medical and life sciences.
“The Derry and Strabane City Deal is among one of the most generous and substantial City Deals in Northern Ireland and across the whole of the UK. By maximising the potential benefits of the Deal, we can work towards fulfilling the unlocked potential, economic and otherwise, of the North West and address regional imbalances and inequalities. The Chamber looks forward to working closely with key City Deal stakeholders like Ulster University, Derry City and Strabane District Council, North West Regional College, C-TRIC, and others to progress these projects and we are excited about the positive change they can bring to our region.”
Brian McGrath, Chief Executive, Foyle Port
Foyle Port Chief Executive Brian McGrath added:
“This is excellent news for the entire North West region. The City Deal has real potential to bring new investment, new jobs, and innovation and enterprise to Derry and Strabane. It is an exciting programme of forward-thinking projects which will harness new skills in digital, tech, and life sciences. As we develop and expand our own enterprise and innovation offer here at the Port, we look forward to being involved to support the full roll-out of the deal’s projects over the coming years.”
Derek McCallan, Chief Executive, NI Local Government Association
Northern Ireland Local Government Association Chief Executive Derek McCallan also welcomed today’s announcement, saying:
“Today’s announcement is a much needed boost for the North West region. City and Growth Deals in Northern Ireland must be accelerated and be locally led. Over £250m will be allocated for key innovation and research projects, tourism, and regeneration, which means new, highly-skilled jobs being created. Derry City and Strabane District Council is proud and capable - at the forefront of this project - and we look forward to other City and Growth Deals rolling out regionally across NI.”