What is the project?
The Northwest Urban Investment Fund (NWUIF) is a new £100 million fund to help support urban development projects in England’s Northwest.
The fund is a Joint European Support for Sustainable Investment in City Areas (JESSICA) initiative. This is a new financial instrument created by the European Commission in conjunction with the European Investment Bank.
The Northwest Urban Investment Fund will provide debt, equity and guarantee investment to support projects that will unlock sustainable development projects in the Northwest’s urban areas.
These areas are defined in the Investment Frameworks for Action Area 3.2 and Action Area 4.3 of the Northwest Operational Programme for ERDF.
Project investments will include the development of employment sites, creation of new commercial floor space, reclamation of derelict or contaminated land, and provision of site servicing and infrastructure.
The Northwest Urban Investment Fund is expected to create or safeguard thousands of jobs in the Northwest by 2015 and provide a boost in Gross Value Added (GVA) for the Northwest economy.
The Northwest Urban Investment Fund has been established by the Northwest Regional Development Agency (NWDA) in partnership with the European Investment Bank (EIB) who have been appointed as Holding Fund Manager, and with funding from the European Regional Development Fund (ERDF). The £100m fund includes £50m from the ERDF and the equivalent match of £50m from the NWDA.
What is its purpose?
To restart urban regeneration projects that have stalled due to the economic downturn and lack of finance.
How much funding has it received from ERDF?
£50,000,000.
How much funding has it received from other funding partners?
£50,000,000 funding from the NWDA.
Who applied for this project?
Northwest Regional Development Agency.
Who can I contact to find out more?
Emily Smith.
How can I contact them?
emily.smith@nwda.co.uk.