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An innovative regional infrastructure fund is to be explored by the East of England Development Agency (EEDA) which could be worth £1 billion and pay for the accelerated delivery of transport and other infrastructure projects in the East of England.
EEDA has commissioned a team of consultants, led by Colin Buchanan and Hewdon Consulting, to work up options for a regional infrastructure fund (RIF).
The region has ambitious growth plans which cannot be realised without capital investment in its infrastructure. However funds are often not available in time and a RIF can accelerate funding and plug this gap.
The fund could provide upfront funding from the banks or government sources to pay for infrastructure such as transport schemes and the fund replenished from future incomes such as a levy on new developments. Other creative funding mechanisms will also be explored.
The projects supported by the RIF could include transport schemes, flood defence schemes, utilities as well as other smaller infrastructure schemes.
Steve Cox, EEDA's Executive Director of Strategy and Development, said: "The regional infrastructure fund which EEDA is developing follows the recent Budget announcement in which the government asked regional development agencies to look at innovative funding mechanisms to pay for infrastructure.
It will accelerate infrastructure delivery and support the region's ambitious growth plans vital to ensuring the region's businesses can stay competitive in a global marketplace.
"The billion pounds that could be raised from a regional infrastructure fund should accelerate delivery of prioritised schemes."
The consultants will prepare a strategic case for a RIF and identify preferred options. A business case will be delivered during the summer. EEDA will consult widely throughout the process with local authorities and businesses and other partners before pilots are launched next spring.
The team of consultants is led by Colin Buchanan and Hewdon Consulting working with Denton, Wilde & Sapte and PKF.
(JM)
