‘Game-changing’ deal could help transform local economy

THE terms of agreement have finally been signed on a ‘game-changing’ local growth deal which could help transform Tyrone’s economy.

The Mid South West Growth Deal, a collaboration between Fermanagh and Omagh, Mid Ulster and Armagh City, Banbridge and Craigavon council areas, represents a total investment of £252 million from the British Government and the NI Executive.

It was put in doubt back in mid-September, when the British Government announced its funding commitment for the MSW deal would be ‘paused’ pending a spending review, along with a similar deal for the Causeway Coast area.

However, as part of the Labour Government’s first Budget, Chancellor Rachel Reeves then confirmed these investment plans would be ‘unpaused’.

In a key milestone celebrated at The Burnavon in Cookstown last Wednesday, representatives from the British Government, NI Executive, and local councils pledged support for a range of projects expected to drive economic growth and sustainable development across the region, with Tyrone at the heart of this transformation.

The investment package includes contributions of £126 million each from the NI Executive and the British Government, with an additional £18.5 million from the Executive for strategic projects like the redevelopment of the Ulster American Folk Park, the A29 Cookstown bypass and the Desertcreat Green Innovation Park.

First Minister Michelle O’Neill, Deputy First Minister Emma Little-Pengelly, and Finance Minister Caoimhe Archibald were among those present at the signing, along with NI Secretary of State Hilary Benn.

The First Minister said, “It’s a hugely positive day for local communities as we celebrate the signing of the Heads of Terms for the Mid South West Growth Deal.

“We fought hard as an Executive to ensure this significant piece of funding was delivered to drive investment and create more jobs throughout our towns, villages and cities…

“This game-changing deal will help to unlock our economic potential, promote regional balance and see the delivery of transformative infrastructure, education and tourism projects. I am committed to driving forward real and positive change and creating the best opportunities for all.”

Finance Minister Dr Archibald said, “While it may have taken slightly longer than anticipated I am pleased to be here today signing the Heads of Terms for the Mid South West Growth Deal. Projects included in this Growth Deal will shape local infrastructure, create job opportunities and further increase the skills base of the region.

In addition this significant funding injection will go towards addressing regional imbalance, boosting economic activity helping to attract further investment and opportunities.”

Secretary of State Mr Benn claimed the £126m of British Government funding would enable the start of a ‘green transformation’.

Mr Benn said, “I want to pay tribute to everyone whose determination and effort has helped make today’s signing happen.

“It will bring tremendous benefits to the whole community and I will continue to support this deal as we head into the next phase of delivery.”