Sheffield has agreed to the biggest Chinese investment deal outside of London in a move which promises the city millions of pounds worth of funding.
The city council announced the 60 year partnership with Sichuan Guodong Construction Group today after the council’s leader and deputy leader returned from Sheffield’s sister city of Chengdu.
The first tranche of funding associated with this agreement - which was 18 years in the making - is estimated to be worth £220m and will be used to fund four or five Sheffield city centre projects over the next three years.
‘This is the biggest Chinese investment deal to be made by a UK city outside of London. And perhaps more importantly it is first deal of its kind to be made by a UK city. This is a real partnership,’ council leader Julie Dore said.
‘The projects funded by this investment will be determined by Sheffield City Council, and the 60 year commitment secures a stream of investment into our city for the next generation, and means a whole range of projects become viable because of the long-term nature of the relationship.’
Deputy leader Leigh Bramall said: ‘We are clear that this will create hundreds, if not thousands, of additional jobs for the people of Sheffield. The investment comes from China, but the workforce on these projects will be British.
‘This agreement is ground breaking. It will see the resources made available to deliver the vibrant, growing city centre our city needs.’
