Freeport draws down full package to fund capital projects

Plymouth and South Devon Freeport has successfully drawn down the full GBP25m from the Government for key infrastructure projects which will unlock growth and investment opportunities in the Freeport area. Initiated by the previous Government, and with full backing provided by the new administration, the UK Freeports programme is designed to boost economic activity, jobs and innovation in areas that, historically, have been under funded. As part of a package of measures to drive growth, GBP25m seed capital funding was allocated to each English Freeport to address infrastructure gaps in Freeport locations and create the right physical conditions to encourage private sector investment.

The full seed capital programme is designed to stimulate investment, job creation, support innovation and facilitate workforce development across the Freeport's key sectors of marine, defence, space, advanced manufacturing, engineering and clean energy. Richard May, chief executive of Plymouth and South Devon Freeport, said: "By supporting these crucial infrastructure projects, the Freeport is proving itself as the catalyst for stimulating economic growth, unlocking potential, attracting investment, and creating jobs for the people of Plymouth, South Devon and the wider region." The projects being delivered include a Plymouth City Council direct development of two innovation units in Devonport, a factory extension for Princess Yachts at South Yard, and a spine road extension by Devon County Council that will unlock Plot 7 and Plot 8 of Carlton Power's land at the Freeport's largest tax site at Langage.

Plymouth City Council's leader Tudor Evans OBE said: "I have said all along that when people ask what Freeport means: it means jobs - hundreds of quality jobs in emerging industries right here, in and around Plymouth. "The programme of funding couldn't be clearer in its aims to nudge infrastructure projects forwards so that we seize the incredible opportunities bubbling away in our key business sectors. "These schemes of buildings, wharfs, power, roads and land will create careers, supply chains, collaboration, put money in people's wallets and help businesses to flourish."

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