In a groundbreaking move to bolster economic development across Northern Ireland, Economy Minister Conor Murphy has announced the allocation of £45 million to be distributed among all 11 councils.
This significant investment aims to drive regional growth, create job opportunities, and enhance productivity.
The funding announcement comes on the heels of the Minister’s Sub-Regional Economic Plan, which highlights the establishment of Local Economic Partnerships (LEPs) in each council area. These partnerships are tasked with identifying specific local needs and implementing targeted interventions to aid economic development.
During the inaugural meeting of Newry, Mourne and Down’s Local Economic Partnership, Minister Murphy unveiled the funding allocations. Supported by the Department for the Economy and Invest Northern Ireland, each LEP will now focus on developing proposals in line with the Minister’s economic objectives:
- Creating quality jobs
- Increasing productivity
- Improving regional balance
- Advancing decarbonisation efforts
In his announcement, the Minister said:
“I recently launched the Sub-Regional Economic Plan which sets out a new strategic approach to economic development; locally led and with a mission to deliver regional balance. A key element of the Plan is the establishment of Local Economic Partnerships at council level. ]
“Partnerships will identify the main barriers to economic development and the priority interventions that will build the region’s value proposition. My Department will recalibrate its programmes and budget to help meet these priorities. Partnerships will also have additional dedicated funding to support local action.
“This £45m Regional Balance Fund will help fund the actions the Partnerships bring forward to drive economic development in their area and help deliver a regionally balanced economy where everyone shares the benefits of prosperity.”
The allocated funds will empower councils to make strategic investments that will foster economic resilience and ensure a brighter future for Northern Ireland.
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