East Midlands CA set to unlock £107m growth fund
The next stage of a four-year investment programme to boost regeneration, employment, and job creation will be signed off today.
The East Midlands Combined County Authority’s local growth fund will allow the region to access £107m of ring-fenced government funds, aimed at supporting local areas to deliver their local growth plans over the next four years.
The fund has a remit to invest in regional programmes and projects that drive economic growth, improve productivity, and unlock development across the East Midlands combined authority area.
The cash is part of a £900m pot of funding allocated to regional mayors up and down the country.
Subject to approval at a board meeting this morning, the authority is set to officially submit its plans to government – allowing the region to access more than £100m in funding for development projects until 2030.
In its proposals, EMCCA says it intends to adopt a deliberate shift away from traditional open calls and competitive bidding towards a “strategic commissioning and co-design” model for projects, allowing the authority to adopt a more strategic approach to developing investment pipelines, it says.
The £107m allocation is made up of £47m revenue and £60m worth of capital funding, with the largest pot of spending earmarked for place-based regeneration projects.
Strategic development makes up the largest area of spending under the plan, with £32m earmarked for site preparation, land remediation and public realm improvements, alongside targeted infrastructure schemes to unlock development and leverage private sector funding.
A further £20m is allocated to a “thriving places” plan, a broader project aimed at boosting areas such as town centres, transport, digital connectivity and community energy schemes.
