£375m pumped in by Europe since 2008, says NWDA

MORE than £375m has been invested across the North West over the last two years by the European Regional Development Fund (ERDF).

The Northwest Regional Development Agency (NWDA), which oversees the funds, said the projects and programmes that have received the money will create 5,800 businesses, create nearly 40,000 jobs and safeguard a further 22,600 positions.

The first ERDF project during this period was a commitment of £3m for improvements around Liverpool’s Lime Street station.

The fund has gone on to contribute £20m to the Northwest Urban Investment Fund (JESSICA) and a further £30m has been earmarked. Other projects included support for Blackpool Council’s acquisition of Blackpool Tower and Winter Gardens.

The ERDF has also put £92m into the £185m Venture Capital Loan Fund (VCLF) and committed £2m to an ‘innovation vouchers’ scheme which encourages businesses to build relationships with the region’s universities.

Mark Hughes, acting chief executive at the NWDA, said: “ERDF has already made a significant impact to the regional economy over the past two years and this has been achieved largely as a result of the North West working in partnership to deliver a strong programme of activity.
 
“There are a number of projects which will help to make a real difference to the competitiveness and growth of the region, now and in the years ahead, not least through underpinning private sector confidence in the Northwest as a place to invest.”