Mark Whitehead 21 November 2014

Funding package for Tees Valley Growth Deal agreed

A £190m funding package to regenerate the Tees Valley economy has been signed off by the Government.

The Government says the Tees Valley Growth Deal will create 1,000 jobs, fund up to 1,500 new homes and strengthen transport links across the area.

the deal was announced in July and includes £90.3m of government funding plus a further £100m of investment from local partners and the private sector.

The package, part of a £12bn government programme to revitalise local economies, includes:

• £12.8m to improve road access to key business locations including Tees Valley Airport and the Central Park enterprise zone

• £5.8m for the Tees Valley Business Growth Hub to provide support for companies wanting to expand

• £3m for the Tees Valley Advanced Manufacturing Park to provide vital services for the offshore wind, oil and gas and sub-sea sectors

Local growth minister Penny Mordaunt said: 'This package is part of our long-term economic plan to boost businesses in the north and provide more security for hard-working families.

'This deal will deliver real benefits to local firms and is great news for the Tees Valley. I am delighted to be able to put pen to paper and make it happen.'

Stephen Catchpole, managing director of Tees Valley Unlimited, the Local Enterprise Partnership for Tees Valley, said: 'The signing of the Tees Valley Growth Deal is important for the area as it will support the creation of hundreds of new jobs, provide state of the art research and innovation centers as well as training opportunities for young people, who are our economic future, enable the building of new homes and improve transport links across Tees Valley all of which will help benefit businesses and residents.'

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