The Cambridgeshire and Peterborough Combined Authority (CPCA) have this morning (Wednesday 26th July) agreed the creation of an investment strategy which will unlock the delivery of key schemes including affordable housing and transport improvements.
Central to that strategy is the establishment of an investment fund, which will build on the financial package from Government on which the devolution deal was based. The purpose of the fund will be to attract further public and private sector investment, and to target resources into specific programmes and projects.
Financial services company CBRE have been brought in by the CPCA to lead the development of the strategy and advise on the investment fund, alongside the authority’s own investment group.
Steve Count, Fiscal Portfolio Holder said: “Work is underway to understand the full scale of needs and opportunities for investment in our area’s future success, but it is already clear that the total sum will run into billions of pounds. Therefore there is a funding gap between the resources available to us now and the total investment needs of our area.
He continued: “The £770m which was devolved to the Combined Authority is a significant sum, but the delivery of the future success and prosperity of Cambridgeshire and Peterborough requires a far larger level of investment and an ambitious strategy. The Cambridgeshire and Peterborough Investment Fund has the direct aim of maximising the capital available to invest in achieving the Mayor and Combined Authority’s ambitions for the area.”
The first three projects which will be assessed on their potential for private investment will be the dualling of the A47, Wisbech Garden Town and Rapid Mass Transport options. A budget of £25,000 has been agreed to appraise the first three options.
Mayor James Palmer commented: “We have ambitious plans for the region across transport, housing, skills, connectivity and innovation. We are committed to bringing these plans and promises to fruition and to do this we need to have a significant budget to ensure our delivery is world class. Cambridgeshire and Peterborough is a very attractive place to invest so the establishment of a fund and a strategy will ensure we generate new opportunities for private or public investment.”