£50m to kick-start regeneration schemes in Scotland

The Scottish Government has announced a £50 million investment into regeneration work in whole zones of Scotland's towns and cities.

Those benefitting from cash for major regeneration work include new business spaces, wireless technology zones, green energy for social housing, renewing derelict sites and more efficient transport schemes.

The fund will help kick start stalled regeneration schemes, providing backing for projects struggling to get finance from commercial lenders.

Ministers have agreed the fund with the European Investment Bank, made up of cash from the European Commission and the Scottish Government, which will lever in additional investment from public and private sector partners.

The fund will get money back when projects start generating returns, thus providing money for new projects.

Housing and Communities Minister Alex Neil said: "Regeneration is critical to boosting our economy and safeguarding jobs."

"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."

Further information:
The Scottish Government