Regeneration Fund To Revitalise Scotland

A new £50 million fund is being made available to restart regeneration projects that were stalled by the recession.

Cash will be used to offer loans to create new business areas, support renewable energy projects for social housing, develop wireless technology zones, and provide more energy efficient transport schemes.

Nearly half the fund's budget - £24 million - is being provided by the European Commission's JESSICA initiative (Joint European Support for Sustainable Investment in City Areas), with the Scottish Government stumping up the remaining £26 million.

The programme's £50 million budget will be "recycled" into other projects as and when the loans are repaid, ensuring that it will become a long-term funding mechanism.

Announcing the new scheme at a visit to Bridgeton Cross in the east end of Glasgow, Housing and Communities Minister Alex Neil said:

"Regeneration is critical to boosting our economy and safeguarding jobs. This new flexible £50 million fund will help kick-start a whole range of fantastic regeneration projects that will revitalise communities most in need and support economic recovery.

"Importantly by ensuring we recycle the cash investment, through an 'invest now, repay us later' model, we will support many key projects and leave a lasting legacy to fund regeneration in Scotland for many years."

Johannes Hahn, EU Commissioner for Regional Policy, said he was "delighted" to support the new fund.

He claimed:

"The Jessica Fund encompasses a sustainable approach to regeneration by establishing an evergreen fund, by creating premises that will support economic growth, by focusing on land redevelopment and by supporting areas of social need.

"This fund can be recycled and re-invested and therefore provides a longer term contribution to economic development."

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