£120m North East business investment fund goes live

The European Investment Bank (EIB) and the North East Fund Limited have signed an agreement for a £120m investment fund.

The finance will support a range of investments, including equity, debt and mezzanine funding for the North East, covering County Durham, Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside and Sunderland.

It is expected that the funding will provide financial support for over 600 businesses, create around 3,500 jobs and deliver a legacy of up to £80m for further investment over the next decade.

Experienced fund managers have been appointed to manage five separate funds which will cater to the needs of businesses at different stages across different sectors.

Jonathan Taylor, vice-president at EIB, said: “The North East Fund will help to unlock entrepreneurial drive and innovation across Northumbria, Tyneside, Wearside and County Durham. 

“The EIB is pleased to provide £120m to support this unique initiative that will create thousands of new jobs and improve skills across the North East and replicates the proven success of similar investment across Europe.”

Andrew Mitchell, chief executive at the North East Fund, added: “This new fund is a feather in the cap for the North East and a vote of confidence in our economic potential.

“The North East LEP’s backing has been critical to getting this across the line and we can now focus on investing on the brightest and best businesses in the region.”

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