Emda sets up £20m urban fund
An urban development fund has been launched in the east midlands with the promise that it will deliver a ‘longer term legacy for the region’.
The East Midlands Urban Development Fund (EMUDF) will provide investment for schemes hit hard by the recession and the lack of available finance, and aims to enhance the region’s offer in terms of innovation, science and technology.
Set up by East Midlands Development Agency (Emda), it is the first region in England to establish such an initiative using the funding mechanism Jessica (Joint European support for sustainable investment in city areas). Half of the funding will come from the European Regional Development Fund (ERDF), £5m from Emda, while the remainder is still being sourced.
Emda chair Bryan Jackson said: ‘Generally, ERDF funding is awarded in the form of grants, but the creation of the EMUDF allows us to make this funding work harder for the region and generate a greater return on investment for the taxpayer. This fund is the first UDF in England that is open for business and is taking advantage of new ERDF flexibilities.’
Funding will be offered in the form of equity, loans or guarantees in schemes that contribute to the region’s future growth and competitiveness.
‘The model we’ve adopted will also ensure that we create a longer term legacy for the region in the form of an ongoing stream of investment,’ added Mr Jackson.
The fund will be managed by King Sturge Financial Services, which will work with public and private sector partners to identify development opportunities.
by (JavaScript must be enabled to view this email address)
