The money from the Commission’s European Regional Development Fund (ERDF) is provided to boost Yorkshire and Humber’s economic performance through investments aimed at increasing innovation, competitiveness and employment.
The European Commission provides funds for regional development as part of its cohesion policy, which seeks to reduce the gap between the levels of development and economic performance between EU countries and regions.
Yorkshire Forward will manage the programme on behalf of the region. The programme has been developed by a strong regional partnership, including Government Office for Yorkshire and Humber and the Yorkshire and Humber Assembly, and outlines the broad strategic direction for investment of the funding over the next six years.
The four broad priorities for investment have been identified as:
1. Promoting innovation and research and development
2. Stimulating and supporting successful enterprise
3. Developing sustainable communities
4. The fourth priority, economic infrastructure for a competitive economy, provides extra funding for South Yorkshire to ease the transition as it moves out of Objective 1 status.
Terry Hodgkinson, chair of Yorkshire Forward said:
“Yorkshire Forward welcomes this funding on behalf of the region. We look forward to working with partners to ensure that the funding is invested in a way that will give value for money, deliver shared goals and strengthen the region’s economy by encouraging and increasing innovation, enterprise and employment.”
The processes and procedures necessary to manage these funds are being developed prior to the launch of the programme in spring 2008.
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