![\"\"](\"http:\/\/irishexaminerusa.com\/wp\/wp-content\/uploads\/2019\/05\/2.42535109.jpg\")
The British Government has outlined details of a $137m (\u00a3105m) funding package for Derry.<\/p>\nThe British Government has outlined details of a $137m (\u00a3105m) funding package for Derry.<\/p>\n
The investment is made up of $65 (\u00a350) million in funding for the Derry and Strabane City Deal and $72 (\u00a355) million of additional support through a new Inclusive Future Fund aimed at tackling deprivation and employment issues in the city.<\/p>\n
The Government had already signaled its intent to part-finance a city investment deal similar to the agreement secured by Belfast. The Government has committed $457m (\u00a3350m) to the Belfast city deal.<\/p>\n
The Derry package was announced ahead of Tuesday\u2019s new round of Stormont talks aimed at restoring power-sharing in Northern Ireland.<\/p>\n
It comes weeks after the dissident republican murder of journalist Lyra McKee in the city. Many believe the extremists are exploiting disaffection and deprivation experienced by young people in parts of the city to bolster their ranks.<\/p>\n
Northern Ireland Secretary Karen Bradley said the Derry City and Strabane City Deal would boost innovation and the digital potential of the region and unlock local partner funding.<\/p>\n
She said it would enable new projects such as a Center for Industrial Digitization, Robotics and Automation and a program of investment in the city\u2019s digital connectivity infrastructure \u2013 subject to business case approval.<\/p>\n
\u201cThis \u00a3105 million investment package is a major boost to the economic potential of the region and will help strengthen the foundations for greater prosperity and a stronger, more united society,\u201d she said.<\/p>\n
\u201cThe new Inclusive Future Fund recognizes the unique circumstances facing the region and will help create new opportunities for the whole of the community, especially for young people.<\/p>\n
\u201cAs Secretary of State, I am deeply committed to building a dynamic, prosperous, outward-looking Northern Ireland that works for everyone, irrespective of community background.<\/p>\n
\u201cToday\u2019s announcement is a major milestone in my personal determination to unlock the huge potential that the whole of Northern Ireland has to offer.\u201d<\/p>\n
The money offered through the Inclusive Future Fund will focus on delivering greater prosperity and social benefits by tackling issues such as deprivation and youth unemployment.<\/p>\n
Communities Secretary James Brokenshire said: \u201cThis major investment in the people and community of Derry and Strabane will bring enormous benefits for years to come.<\/p>\n
\u201cIt will create high-value jobs, put the area at the forefront of the UK\u2019s growing digital economy and complement the Belfast Regional City Deal.\u201d<\/p>\n
The council\u2019s city deal bid was supported by a range of local education, business and economic partners in the north west, including Ulster University, North West Regional College, the Derry and Strabane chambers of commerce, Western Health and Social Care Trust, Visit Derry, City Center Initiative and Foyle Port.<\/p>\n
Mayor of Derry City and Strabane District Council John Boyle welcomed the investment.<\/p>\n
\u201cThis hugely significant announcement today for the Derry and Strabane District will go some considerable way in addressing the long-standing obstacles to economic development that this city region and its people face,\u201d he said.<\/p>\n
\u201cIt is good news and is the result of an enormous amount of work and sustained effort invested by council and the city and regional partners to develop, deliver and negotiate on the bid.\u201d<\/p>\n
Vice chancellor of Ulster University, Professor Paddy Nixon, said: \u201cThis investment will now see the rapid development of plans to grow and enhance facilities and student numbers at the Magee Campus including the Graduate Entry Medical School.\u201d<\/p>\n
Brian McGrath, president of Derry Chamber of Commerce, said: \u201cThis funding is hugely welcome and provides a solid platform upon which to grow and enhance the competitiveness of the city and region and attract further significant exciting new companies, business prospects and investment.\u201d<\/p>\n
Sinn F\u00e9in MP for Foyle Elisha McCallion welcomed the investment as a \u201cfirst step\u201d. She said the Government must do more to address \u201cregional imbalance\u201d in the north west.<\/p>\n
\u201cThe British Government have a responsibility to deliver a proper financial contribution towards developing the north west region,\u201d she said.<\/p>\n
\u201cWe need more adequate funding to help unlock the region\u2019s economic potential as part of the strategic growth plan.\u201d<\/p>\n