Mayor announces new £41m capital fund to drive jobs and economic growth in London
16 March 2012
The Mayor of London, Boris Johnson, has announced details of a new £41m London Growth Fund to drive jobs, boost housing and stimulate economic growth across the capital. Funding has been allocated from central Government after the Mayor successfully bid for a share of the national Growing Places Fund, to free-up potential development.
The aim of the capital fund is to encourage private sector investment in key large scale infrastructure and regeneration projects. Applicants must be able to demonstrate how this investment complements their own and how it will be repaid back into the fund over time, to enable continued reinvestment in the capital. Working with his newly established London Enterprise Panel to approve which proposals will get a share of the funding, the Mayor will announce successful bids in the autumn.
Consisting of senior business leaders and representatives from London boroughs, the London Enterprise Panel was set up to advise the Mayor on how best to attract strategic investment to support private sector growth and employment, promote enterprise, increase skill levels and protect and enhance London's competitiveness.
The Mayor said: "Continued investment in London's private sector is essential if the capital is to maintain its reputation as the best big city in the world in which to work and do business. This fantastic new fund means we will be able to plough much needed capital into major regeneration and development projects, which are a crucial catalyst for jobs and growth in London."
London Enterprise Panel Co-Chair, Harvey McGrath, said: "Members of the LEP are enthusiastic about the potential to use the London Growth Fund to fuel the London economy and create new jobs. Unlike many other funds, a key feature of this one is that successful projects need to repay the capital, ensuring that it is replenished as growth is unlocked, which can then be reinvested in other projects with growth potential."
16 March 2012