Communities across the Thames Gateway are to benefit from £275 million of investment to transform the area and deliver local economic sustainability.

A new Strategic Economic Investment fund was announced by the Department for Communities and Local Government (CLG), the East of England Development Agency (EEDA), the London Development Agency (LDA) and the South-East England Development Agency (SEEDA).

The joint fund will be invested over three years and will support initiatives to transform the Thames Gateway with forecasters estimating the area could add an additional £12 billion GVA per annum to the UK economy.

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With the Thames Gateway arguably being the biggest regeneration project in Western Europe it remains essential to the future growth and competitiveness of London and the Greater South East.

The investment fund will comprise £80 million committed by CLG and a total of £120 million committed by EEDA, LDA and SEEDA with the RDAs committed to finding an additional £75 million from other public and private sector sources.

Judith Armitt, chief executive of the Thames Gateway Executive in CLG, said: “"The Thames Gateway Delivery Plan seeks to set out programmes of investment around key objectives to boost the economy of the Gateway. No one organisation or agency can deliver this alone.

"I welcome this initiative not only in terms of the new level of investment, but in terms of better governance and strategic direction of public sector investment. By working together, we can build investor confidence and lever in the private investment needed to truly transform the Gateway."

(JM)