Executive Ministers today signed the Head of Terms for the £210m Derry and Strabane Region City Deal.
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.
First Minister Arlene Foster said: “Today marks an important milestone in the progress of the City Deal.
“There is a real sense of vibrancy and ambition in the North West. The Executive is working with the UK Government, the Council and a wide range of stakeholders to turn that potential into reality through collaboration and innovation.
“As the many projects under this project come to fruition, we hope to see benefits not just in Londonderry and Strabane, but right across Northern Ireland.”
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Deputy First Minister Michelle O’Neill added that "alongside the many ongoing projects to transform the area, this will be a game-changer for the regional economy, driving growth and creating opportunities for people."
“There is an abundance of potential in the North West and this funding will help to harness it for the good of all," she continued.
Finance Minister Conor Murphy, who signed the Heads of Terms on behalf of the Executive, said: “Today marks a key milestone and is a very timely boost for the people of the North West in what has been an extremely tough year."
Economy Minister Diane Dodds commended "the Council for its ambition to create world class industry focussed research centres in the city in the areas of robotics, artificial intelligence and precision medicine.
Mayor of Derry City and Strabane District Council Brian Tierney believes that "the City Deal projects have the potential to really change the future of this city and region, to bring life and people back into our city and town centres, attract additional investment that can bring life, culture and opportunity to people’s doorsteps."
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"City Deal allows us to enhance our business offer in growth sectors such as health and life sciences, digital industries and SMART technology and support our digital capabilities to support economic investment and regeneration as well as boost tourism and culture," he said.
"Key to this will be ensuring that these are underpinned by infrastructural developments and investment in skills to connect people with jobs and to services. We are hugely excited at today’s milestone to move to the next stage towards the delivery of an aspiring, creative and forward thinking suite of long-term sustainable projects.”
Londonderry Chamber President Dawn McLaughlin added that "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."
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