The £1 billion Belfast Region City Deal will unlock a decade of opportunity by transforming the Northern Ireland economy, Belfast Lord Mayor Kate Nicholl has said.
She was speaking on the day Northern Ireland’s first ever city deal was signed by senior Northern Ireland ministers and UK Secretary of State Brandon Lewis.
In the planning since 2017, it is expected to create 20,000 “new and better” jobs and should make the region more attractive to overseas investors.
The project has secured £350 million of investment from the Westminster government, matched by £350 million from Stormont. A total of £150 million is expected from Belfast Region City Deal partners and private sector investment with the total investment package will exceed £1 billion.
The money is to be spent on a number of key projects, including boosting digital capability, creating a better tourism offering, increasing the level of skills across key sector and tackling a number of infrastructure projects.
“This is a momentous day for the Belfast region,” Councillor Nicholl said. “Thanks to cross-party political support, private sector backing and unprecedented levels of collaboration from all of the Belfast region partners, we’ve succeeded in securing this significant, long term commitment to transforming the NI economy in the sectors where we have the potential to become world leaders.
“The Deal comes at a critical time, as we work to help local businesses and communities recover from the effects of the Covid-19 pandemic. A decade of opportunity starts now.”
First Minister Paul Givan said the deal represents a “monumental investment”.
“We’re funding the great potential that exists here, and the promise of a brighter, better tomorrow,” As an Executive, we support the innovation and optimism which exists not just here in Belfast, but across the region. And we want to see Northern Ireland thrive.
“Our four City and Growth Deals will help to tackle regional imbalance and allow for additional regional regeneration. They will deliver a balanced spread of benefits across Northern Ireland, expanding connectivity and improving the lives of all our citizens.”
