Queen’s University Belfast has welcomed the latest development on the Belfast Region City Deal as the Secretary of State for Northern Ireland signed the Heads of Terms.
On Tuesday (26 March) The Rt Hon Karen Bradley MP signed the Heads of Terms for the Deal, alongside the Belfast Region City Deal partners and the Northern Ireland Civil Service.
The Belfast Region City Deal will see the UK Government invest £350 million into the Belfast Region over the next 15 years.
It is proposed that this figure will be matched by the Northern Ireland Executive once the devolved institutions are restored.
The City Deal will be further bolstered by co-investment of upwards of £150m from Belfast Region City Deal partners, and investment by the private sector is anticipated to bring the total investment package to over £1 billion.
The UK Government investment will enable projects to be driven collaboratively by Queen’s University and Ulster University to foster innovation in key sectors, including data science, creative industries, advanced manufacturing and health. This will help to invigorate the regional economy.
The Deal as a whole is set to see the delivery of more than 20 projects to help create up to 20,000 new and better jobs alongside an increase in productivity levels. It is designed to deliver a balanced spread of benefits across the region, making a positive impact on the most disadvantaged communities.
Professor Ian Greer, President and Vice-Chancellor of Queen’s University Belfast, said: “I am delighted that we have achieved another major milestone in our journey towards the first City Deal for Northern Ireland.
“By working in collaboration with our colleagues at Ulster University and the other Belfast Region City Deal partners, I am confident that we will maximise the potential for this investment to boost economic growth for the benefit of everyone in the region.”
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