In a joint funding commitment between the UK and Scottish governments, the Islands Growth Deal, the latest in a series of Region and City Deals, will reportedly generate up to 1,300 jobs and around £393m of investment over a 10-year period. The imminent signing of the funding package comes after Heads of Terms were agreed in March 2021.
The vision behind the Islands Growth Deal - to harness the unique assets of Orkney, the Outer Hebrides and Shetland - is underlined by themes including "low carbon, supporting growth and future industries and thriving sustainable communities". The UK and Scottish governments will each invest £50m over the 10-year period with £33.3m invested in each island group. The aim is that delivery of projects thereafter will be supported by partners from within the private, public and academic sectors and will attract additional investment of around £293m.
Funding, which is anticipated to start rolling out throughout the 2023/24 financial year, is subject to the development and submission of a full business case, which must be approved by the Islands Growth Deal Joint Committee before then being released.
For more information, you can access the Full Deal Document at https://www.islandsdeal.co.uk/