A financial model, which unlocked a £850 million funding investment in the St James Quarter in Edinburgh, will be the basis for a new funding mechanism which will could help to see £6 billion spent on infrastructure investment across Scotland’s cities.
The new funding model is designed to stimulate growth, create jobs and support businesses in Scotland’s seven cities – Aberdeen, Dundee, Edinburgh, Glasgow, Inverness, Perth and Stirling.
Speaking at the latest meeting of the Scottish Cities Alliance, Deputy First Minister Nicola Sturgeon said:
“By working in partnership as part of the Scottish Cities Alliance we have shown our commitment to boosting infrastructure investment in our cities. This new financing model will strengthen this commitment and help cities to deliver their plans, create jobs and grow the economy.
Public and private sectors will share the risks by taking a payment by results approach. This approach will help to unlock stalled sites and ensure the public sector also benefit from the success of investments
This will deliver opportunities and increase flexibility for our cities as well creating an incentive to make sustainable economic growth a priority in investment decisions.”