£65 Million Investment Confirmed for Moray Growth Deal
The Scottish Government has committed £32.5 million in funding for the Growth Deal, with the UK Government matching the investment.
£65 million in funding has been announced for the Moray Growth Deal, which aims to stimulate and unlock the region’s economic potential.
During a joint visit to Moray College UHI, the funding announcement was made by Richard Lochhead MSP, minister for further education, higher education & science, alongside David Lidington, the chancellor of the Duchy of Lancaster.
The Growth Deal will see the Scottish Government invest £32.5 million over a 10-15 year period to support a host of projects; many of which will focus on employability and skills development, manufacturing innovation, tourism and energy.
The UK Government will match Holyrood’s funding over a 15 year period.
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Cash boosts will also be made available to carry out ‘vital improvements’ to digital connectivity and regeneration in the region, the Scottish Government confirmed. Funding levels for specific projects will be confirmed at a later date, though.
Commenting on the announcement, Lochhead said the Growth Deal will make a “real lasting difference to the future of the region” and inject confidence into the local economy”.
He added: “Successful delivery of this deal will create new high-value jobs, help safeguard the local economy and strengthen Moray’s communities. We will continue our dialogue with our Moray partners on projects that will have a transformative effect on the Moray economy.
“We will announce a Heads of Terms agreements as soon as possible, which will specify which projects will be supported by this significant join investment.”
The Scottish Government has, so far, committed more than £1.7 billion to City Region and Growth Deals over the next two decades – along with a host of related investments across the country.
Lidington said: “The UK Government is committed to supporting economic growth in Moray and I am delighted to announce £32.5 million in funding. This transformative package of support will boost the region’s economy by helping to attract and retain people to live and work in the area.
“These deals are a key part of the UK Government’s long-standing commitment to invest directly in Scotland’s future. They give communities the financial backing to develop projects that place Scotland at the forefront of innovation technology and connectivity.”