A new Strategic Economic Investment Fund has been announced by the Department for Communities and Local Government (CLG), the East of England Development Agency (EEDA), the London Development Agency (LDA) and the South-East England Development Agency (SEEDA).
The joint fund will be invested over three years and will support initiatives to transform the Thames Gateway with forecasters estimating the area could add an additional £12 billion GVA per annum to the UK economy.
Projects that will initially be targeted by the fund include:
• An Innovation and Learning Centre at the multi billion pound London Gateway Port.
• The Royal Opera House Production Park in Thurrock.
• The creation of an International Institute for Sustainability – driving forward global leadership in innovation and the environmental agenda across the Thames Gateway.
• A Construction and Green Skills Programme, to include a Sustainable Construction Centre (SUSCON) at Ebbsfleet.
• An Environmental Infrastructure Fund to increase the uptake of low-carbon technologies.
With the Thames Gateway arguably being the biggest regeneration project in Western Europe it remains essential to the future growth and competitiveness of London and the Greater South East.
The investment fund will comprise £80m committed by CLG and a total of £120m committed by EEDA, LDA and SEEDA with the RDAs committed to finding an additional £75m from other public and private sector sources.