East of England Development Agency (EEDA) is to explore a £1bn innovative fund to pay for accelerated delivery of transport and other infrastructure projects in the region. EEDA has commissioned a team of consultants, led by Colin Buchanan and Hewdon Consulting, to look at options for the regional infrastructure fund (RIF).
Work supported by the RIF could include transport projects, flood defence schemes, utilities as well as other smaller infrastructure proposals. The fund could provide upfront funding from banks or government sources to pay for infrastructure such as transport schemes and the fund replenished from future incomes, such as levy on new developments.
Steve Cox EEDA’s executive director of strategy and development said: ‘The regional infrastructure fund which EEDA is developing follows the recent Budget announcement in which the government asked regional development agencies to look at innovative funding mechanisms to pay for infrastructure.’
He added: ’It will accelerate delivery and support the region’s ambitious growth plans vital to ensuring the region’s businesses can stay competitive in a global marketplace.’