Austin Macauley 23 March 2016

Government provides £86m guarantee to kick-start Aberdeen scheme

Government provides £86m guarantee to kick-start Aberdeen scheme image

The Government has backed major development plans in Aberdeen with an £86m guarantee.

The state-backed support will mean funds can be raised from capital markets to support the £1bn Countesswells project.

It will see 3,000 homes built over the next 15 years along with new infrastructure including schools, healthcare facilities and parks.

Scotland Office minister Andrew Dunlop said: ‘The UK Government is offering this guarantee to allow this major Aberdeen project to go ahead. This is a great example of partnership working where the government can unlock the capital and the potential of the development.

‘This part of Scotland is facing some stiff challenges but today’s announcement is a vote of confidence in the north east by the UK Government and those involved in the project.’

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