Cash boost for recession-hit projects

Jul 14 2010 by Andy Newport, Paisley Daily Express

RENFREWSHIRE is in line for a recession-busting boost after the Scottish Government announced a new £50million funding pot.

The huge nest-egg has been put aside to help regenerate businesses, transport hubs and green housing schemes across the country that have suffered as a result of the credit crunch.

Renfrewshire could benefit from cash for major regeneration work, including new business spaces, wireless technology zones, green energy for social housing, renewing derelict sites and providing more efficient transport schemes.

The fund will help to kick-start schemes which have stalled as a result of the recession, providing cash backing for projects which are struggling to secure finance from commercial lenders.

Ministers have agreed the fund with the European Investment Bank.

It will be made up of cash from the European Commission and the Scottish Government, which will help to secure extra funding from public and private sector partners.

Housing and Communities Minister Alex Neil said: “Regeneration is critical to boosting our economy and safeguarding jobs.

“By ensuring that we recycle the cash investment through an ‘invest now, repay us later’ model, we will support many key projects and leave a lasting legacy to fund regeneration for many years.”