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Launch of £80 million South West Regional
Infrastructure Fund
Sector: Central Government
Date Created: Tue 11th Mar 2008, 14:01:09
Source: South West of England Regional Development Agency
Link: www.southwestrda.org.uk
UK - An £80 million fund to pump-prime major infrastructure
projects in the South West will be "open for business"
Launched by the South West of England Regional Development Agency (RDA), the
Regional Infrastructure Fund (RIF) is the first fund of its kind in the country.
It will provide seed investment to ensure major infrastructure projects in the
region are delivered in a timely manner to help unlock the region's business potential.
The fund is set to revolutionise regeneration projects in the South West of England.
An investment panel drawn from the public and private sectors will advise the
RDA on all aspects of potential investments from the RIF.
Nick Buckland, board member of the RDA, Cornish business-man
and chair of the RIF investment panel, said:
"This
fund will play a key role in developing a sustainable economy and helping to unblock
obstacles that the private sector simply cannot do. Imagine you are planning
for the creation of a new urban extension. What facilities, services and infrastructure
do you need to support this new community, making it an attractive and sustainable
place to live?
"A new school, very probably, additional health centres, urban drainage
systems, open space, an improvement to a nearby motorway junction is a possibility.
Delivering these key pieces of infrastructure early in the construction timetable
will have wide-ranging benefits, not just for the new community."
Derek Butler, senior adviser at Curzon Global Partners, a non-executive director
of Develica Asia Pacific Management Limited and member of the RIF investment
panel, said:
"The RDA's fund can bring about the timely delivery
of these essential pieces of infrastructure. It is a method of 'forward-funding'
financial contributions to infrastructure projects enabling the full funding
package required to ensure they are in place earlier. Currently, delivery of
an essential piece of infrastructure can be delayed, sometimes for years until
every required financial contribution is in place - often after the bulk of the
new homes are already occupied. The aim of RIF is to ensure that key infrastructure
is delivered when it is needed.
"The beauty of the RIF is that the funds are recycled.
It is planned to be available to help deliver infrastructure
for over a decade; its investments are recouped through the planning process
as development occurs. The SW RIF is being developed in a way that will also
offer an opportunity to attract private finance into the delivery of infrastructure.
If successful, this will mean that public sector resources can go further or
be spent on other priorities".
Representing local authorities, Deputy CEO of Swindon Borough Council and member
of the RIF investment panel, Celia Carrington added: "The
delivery of key infrastructure early in construction will not only help to establish
a sense of community faster, but will also give much greater confidence to those
local people and businesses who will be most affected by developments.
The RIF will unlock the barriers to creating new jobs and new homes."
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