Govt confirms Midlands Engine Investment Fund to drive growth

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A new fund aims to unlock regional growth in the Midlands

Businesses throughout the Midlands are to benefit from a major government investment, which aims to drive growth across the region in the coming months.

A total of £250 million is to be channelled into the new Midlands Engine Investment Fund, with the money to go towards a variety of projects that will not only help to foster an environment of enhanced innovation among local firms, but also help in the creation of thousands of new jobs.

Standout projects of the new initiative include:

  • £14 million to create the new STEAMhouse in Digbeth, which will bring together arts and culture with science, technology, engineering and maths in a new centre of innovation.
  • £16 million to help the region's big businesses to invest in new research and development.
  • £2 million to develop a regeneration master-plan for Birmingham's Snow Hill district.

In addition, £11 million has been set aside within the fund to address the region's serious pothole crisis, with roads up and down the Midlands to undergo essential repairs within the next 12 months.

It is hoped that by doing so, this improved transport infrastructure will foster enhanced growth in the years ahead.

Business secretary Sajid Javid said: "Driving growth in the Midlands is a key part of the government's devolution revolution.

"There are almost 96,000 more businesses now than in 2010, the equivalent to 52 opening every day. The new £250 million Midlands Engine Investment Fund will go further by backing even more growing businesses and creating thousands of new jobs throughout the region."