Council agrees £100m funding line with Europe

MANCHESTER City Council has agreed a £100m loan facility with the European Investment Bank (EIB).

The authority said it would enable it to fund projects it has already planned at lower rates.

The EIB’s vice president Jonathan Taylor was in the city today to finalise the deal with chief executive Sir Howard Bernstein.

Schemes that will be part-funded by the facility include: public realm works at NOMA; the regeneration of the New Smithfield Market; improved community health, education and public space in Beswick; new leisure and library facilities in Levenshulme and Hough End; a new office block at Manchester Science Park; a district heating network around St Peter’s Square; and the replacement of street lights with LEDs.

Although Manchester has arranged the facility, other Greater Manchester authorities will have access to the funds.

Mr Taylor said: “Residents and businesses across Manchester will benefit from new investment in urban regeneration projects being unlocked today. The diverse schemes will improve community education and health facilities, create employment opportunities and cut energy costs across the city, as well as improving public spaces to make Manchester an even better place to live.

Sir Howard said: “This long-term loan facility with the EIB for projects which will have economic and social benefits in Manchester and Greater Manchester and generate jobs, savings and improved facilities is very welcome. It means that where the council was already planning to borrow for these existing schemes we have scope to do so at a much more competitive rate than anything which can currently be obtained commercially.”