Housing regeneration: Government details joint scheme. Pic: © STV
Fifty million pounds is to be invested in regenerating areas of Scotland's towns and cities, according to the Scottish government.
The fund is intended to help kick start regeneration schemes that have been put on hold because of the recession and provide backing for projects struggling to get finance from commercial lenders.
The money aims to stimulate communities by creating new business, transport and "green energy" zones, as well as renewing derelict sites and developing more efficient transport schemes.
Ministers have agreed the fund with the European Investment Bank, made up of cash from the European Commission and the Scottish Government, which will lever in additional investment from public and private sector partners.
The £50m Joint European Support for Sustainable Investment In City Areas fund is made up of a £24m investment from the European Commission and £26m from the Scottish Government.
Large-scale urban regeneration projects will benefit and the fund will continually recycle cash for new projects, by getting money back when projects start generating returns.
Visiting Bridgeton Cross to see how the east end of Glasgow is being transformed with the help of European and Scottish funding sources, Housing and Communities Minister Alex Neil said: "Regeneration is critical to boosting our economy and safeguarding jobs.
"This new flexible 50 million pound fund will help kick start a whole range of fantastic regeneration projects that will revitalise communities most in need and support economic recovery.
"Importantly by ensuring we recycle the cash investment, through an 'invest now, repay us later' model, we will support many key projects and leave a lasting legacy to fund regeneration in Scotland for many years."
Simon Brooks, European Investment Bank Vice President responsible for the United Kingdom said: "The European Investment Bank looks forward to supporting significant regeneration across Scotland's towns and cities.
"This will support economic recovery, revitalise local communities for the benefit of their inhabitants and attract additional much needed investment."
