An £80 million fund to pump-prime major infrastructure projects in the South West will be "open for business" today.

Launched by the South West of England Regional Development Agency (RDA), the Regional Infrastructure Fund (RIF) is the first fund of its kind in the country. It will provide seed investment to ensure major infrastructure projects in the region are delivered in a timely manner to help unlock the region's business potential. The fund is set to revolutionise regeneration projects in the South West of England.

An investment panel drawn from the public and private sectors will advise the RDA on all aspects of potential investments from the RIF.

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Nick Buckland, Board Member of the RDA, Cornish businessman and Chair of the RIF investment panel, said: "This fund will play a key role in developing a sustainable economy and helping to unblock obstacles that the private sector simply cannot do. Imagine you are planning for the creation of a new urban extension. What facilities, services and infrastructure do you need to support this new community, making it an attractive and sustainable place to live?"

Representing local authorities, Deputy Chief Executive Officer of Swindon Borough Council and member of the RIF investment panel, Celia Carrington added: "The delivery of key infrastructure early in construction will not only help to establish a sense of community faster, but will also give much greater confidence to those local people and businesses who will be most affected by developments. The RIF will unlock the barriers to creating new jobs and new homes."

(JM)