South Tyneside is poised to bid for a share in a £600million fund to bolster economic growth in the region over the next five years.
The European cash to encourage jobs growth was formerly distributed by Regional Development Agencies.
European funds are vitalPaul Brannen
But those agencies, including One North East, have now been abolished and, due to the lack of devolution in England, the programme will be run centrally from London rather than being based in the region as it was in the past.
Today a spokesman for South Tyneside Council said the authority would “look closely” as to what projects funding bids could support. Those could include the proposed International Advanced Manufacturing Park, earmarked for land at Boldon, or the South Shields ‘365’ masterplan, aimed at regenerating the town over the next decade.
The borough has benefited from the European Structural and Investment Fund before.
South Tyneside College won funding and significant amounts have gone towards business developments, including the Green Incubator, at One Trinity Green Centre in South Shields.
The council spokesman said: “We will look closely into this to see if this funding could be used to support any of our ambitious schemes that we have planned for the borough.”
North East Labour MEP Paul Brannen said: “European funds are a vital source of investment for the region.
“These funds have invested in the Angel of the North, Durham County Cricket Club and Saltholme Wildlife Reserve near Hartlepool.”
The latest round of funding is from now to 2020.