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£50m development finance package unveiled for West Sussex

On November 29th, 2011, posted in: Recent Finance Deals and Articles by

West Sussex County Council has unveiled details of a £50 million development finance package which aims to boost the county’s infrastructure and economy.

The fund comprises £15 million worth of finance which will be directed towards new projects, including construction of new infrastructure and schemes such as high-speed broadband which will benefit businesses.

The council also confirmed that it is to boost its own capital programme by utilising the £35 million worth of financial reserves due to be used for schemes between 2014 and 2017.

Deputy Leader of the County Council, Lionel Barnard, told The Mid Sussex Times, “The state of the economy is causing concern locally as well as nationally, so we have acted quickly and decisively to bring forward this kick-start package of projects.

“I am confident that we are supporting schemes that will have a significant and long term benefits for the economy of West Sussex,” he added.

The county council went on to confirm that the new infrastructure projects were to be “financed by capital funding”, which included borrowing, government grants towards new infrastructure and also income generated from the sale of property or surplus land.

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