The Northern Ireland Secretary has signed heads of terms on a city deal for Derry City and Strabane District which is expected to create 7,000 jobs in the region.
It will see £250 million invested in the region - £105m from the UK government, £105m from the Northern Ireland Executive and £40m from the private sector and councils – over the next 15 years.
Brandon Lewis said the move is an important milestone in the deal which will boost the economic prosperity of the region and support a more prosperous and united community
It is hoped the investment package will see the delivery of 10 major projects, with a focus on innovation, digital and health projects alongside renewal and regeneration initiatives.
One of the projects include the development of a Centre for Industrial Digitisation, Robotics and Automation which will support companies wanting to take advantage of the digitial technologies. Also, the Cognitive Analytics Research Laboratory – which brings together data analytics and artificial intelligence expertise – is one of the proposed projects, along with the creation of the Transformation Healthcare Research Innovation Value Based Ecosystem.
Brandon Lewis said the proposed projects have the potential to increase GVA by £210m per annum, drive growth in output and wages and provide a population boost as further people are attracted to come to the City region to work and study.
Invest Northern Ireland Chief Executive Kevin Holland welcomed the deal as a “huge step forward in the city deal journey.”
“The plans for the region are ambitious and the real work starts now to ensure the transformational potential of the Deal is maximised to drive growth, jobs and unlock significant economic benefits,” he said.
The Mayor of Derry City and Strabane District Council, Brian Tierney, said the signing of the deal is a major boost for the area.
“The signing of the Heads of Terms marks the single largest investment by the Government to our region and is a significant step forward in our City Deal journey. A funding package of this scale and magnitude will be felt not only in the Derry City and Strabane District Council area, but across the wider North West region and beyond, and will deliver a stronger, more resilient and regionally balanced economy.”
