Metro Mayor Steve Rotheram’s plan to support and grow the post-pandemic economy, including redeveloping Kirkby town centre, has received approval from the combined authority.
The £150m comes from the Government, part of devolved funding for the region. The funds are to go towards projects relating to highways, economic infrastructure and business ecosystem.
Already, two major projects in the Liverpool City Region have received money from the Covid Recovery Fund. Knowsley Council’s redevelopment of Kirkby Town Centre was given £2.8m. The Port City Accelerator received £750,000 to support its efforts to grow SMEs in the maritime sector. More projects will be approved for funds in July.
“This is new money that will give us a head start on the rest of the country, investing in projects that will power our economic recovery and create and safeguard jobs,” Rotheram said. “It also delivers much-needed hope to people and businesses across the region.”
The fund is being divided up into seven different categories: place, highways, business ecosystem, economic infrastructure, people-focused recovery, green recovery, and pre-development and Combined Authority inputs. Funds include both one-off spending and operational costs.
The largest allocation, £27.5m, will go to the place category. Highways and the economic infrastructure category will receive £20m and £25m in one-off spending respectively. Another £25m will go towards revenue spending in pre-development and the Combined Authority inputs.
Exact funding details may change.