26.07.16
D2N2 seeks £426m from government and partners to fund growth
The West Midlands local enterprise partnership (LEP) is seeking £426m in government and private sector funding for an ambitious growth programme.
D2N2 – a partnership of local authorities, businesses and voluntary and community organisations in Derby, Derbyshire, Nottingham and Nottinghamshire – is bidding for £107m from the Local Growth Fund 3, a £1.8bn government fund open to bids from LEPs around the country.
It plans to match this with around £318m from public and private sector organisations, creating a total of £426m to invest in local growth.
Peter Richardson, chair of the D2N2 (pictured right), said: “We are making a major bid for financing from the government’s Local Growth Fund 3 because we have major ambitions for the D2N2 LEP area.”
D2N2 has already received £192m from the Local Growth Fund.
It plans to use the new funding on 23 schemes, including renovating the Derby Silk Mill to create a tourist attraction and small business and start-up workshops, creating a digital and creative skills facility in Nottingham, and investment in sustainable transport and HS2 support sites.
D2N2 and 19 local councils also proposed creating a single Nottinghamshire and Derbyshire combined authority.
LEPs in general were criticised recently by the National Audit Office for suffering from a lack of oversight.
(Image c. D2N2)
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