Derry Chamber warmly welcomes the announcement by Economy Minister Conor Murphy this week of a £45 million Regional Balance Fund, with specific allocations of over £5 million over a three year period to support economic development in Derry and Strabane. This vital funding represents a significant step toward addressing regional inequalities and creating opportunities for growth and prosperity in the North West.

With a funding formula where all council districts receive an equal amount of base funding of £409,000, Derry City and Strabane has been awarded the maximum in the remaining areas of productivity and peripherality, receiving £642,000 and £666,000 million in those fields respectively. These amounts bring the council area’s total to £1.717 million per year, or £5.151 million over three years, the highest amount awarded to any council area both over one year and three years.

Part of the Minister’s Sub-Regional Economic Plan, the Regional Balance fund has outlined a locally driven approach to economic development through the establishment of Local Economic Partnerships in each council area. These partnerships in the Derry and Strabane Council area will identify key barriers to economic growth and implement targeted solutions to help improve the regional imbalance that is so present in the North West.

Commenting on the announcement, Derry Chamber Chief Executive, Anna Doherty, said:

“This funding is the start of what could be a real a turning-point for the North West. For far too long, Derry and Strabane have faced significant challenges in terms of infrastructure, investment, and regional balance. The Regional Balance fund and Local Economic Partnerships offer a tangible opportunity to tackle these issues head-on and create a thriving and inclusive local economy.”

“We look forward to working closely with the Derry and Strabane Local Economic Partnership, the Department for the Economy, and Invest NI to ensure this funding delivers meaningful results for businesses and communities in the North West.”

Derry Chamber encourages all of its members to actively engage with the Local Economic Partnership as it develops its proposals and action plans. With collaboration and strategic investment, the North West can achieve an even better economic future where its full potential is unlocked.