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WATCH: What the City Deal will mean for the Derry and Strabane region

Landmark day for proposed £250m investment in the local area

Today will see a major step forward in plans for a £250m investment in the Derry City and Strabane District Council area.

The City Deal proposal involves huge amounts of money being pumped into a wide range of local projects, including major expansion of the Magee campus and the transformation of Derry's riverfront area.

The City Deal has been described as the largest ever government investment in the local area.

This morning, all the agencies involved will hold a virtual meeting to sign a Heads of Terms Agreement.

Such an agreement is seen as a commitment from all those involved to take the proposal forward.

While the signing of the Heads of Terms Agreement is being described as a major milestone in the City Deal initiative, the proposed projects are still subject to the expenditure approval process.

The proposed investment of £250m will be made up of £105m each from the British government and the Northern Ireland Executive.

The remaining £40m will be provided by Derry City and Strabane District Council, Ulster University, North West Regional College, the Western Trust and the C-TRIC initiative which is based at Altnagelvin Hospital.

 

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