26 November 2002
INFRASTRUCTURE IMPROVEMENTS WILL BENEFIT EVERYONE – PEARSON
The much needed infrastructure improvements, which the Reinvestment and Reform Initiative (RRI) can deliver, will benefit everyone in Northern Ireland, Minister Ian Pearson, MP, said today.
Mr Pearson was speaking as he published for consultation a draft Order which will establish the Strategic Investment Board to ensure that strategic infrastructure is planned and delivered in a way that makes best use of the means and resources available. The Order also deals with the regeneration of some military bases and security sites, which are to transfer free of charge for social and economic regeneration of local areas.
The Minister said: "One of the cornerstones of the Executive’s programme was the Reinvestment and Reform Initiative, which is designed to address the substantial deficiencies in infrastructure. This initiative, which the former First Minister and former Deputy First Minister had negotiated with the Prime Minister and the Chancellor, allowed an immediate injection of £270m with the prospect of further low cost borrowings which could accelerate the pace of infrastructure investment here. The Secretary of State and I are firmly committed to this vital initiative.
"In order to ensure that best use is made of the resources available, the government’s aim is to establish a Strategic Investment Board which will help create - for the first time in NI - a public sector infrastructure investment programme. There are a number of important issues about how the Board will operate and I am keen that this consultation process will enable us to determine the most effective structure in order to deliver innovative solutions to the infrastructure deficit.
"The Strategic Investment Board will provide an innovative approach to managing and financing the infrastructure programme, so that resources can be used as wisely as possible to complement existing plans. The Board will be a valuable source of expert advice to help us to get our investment strategy right. It will also be a fresh source of practical assistance to departments and other public bodies in delivering individual projects of major importance to Northern Ireland. This will include looking at how projects might be financed and especially accessing private sector finance and delivering more Public Private Partnerships.
"With regard to the transfer of the military sites, once these become available, I want to see them being used for economic, social and community regeneration. The Order allows for a number of alternatives for achieving this, particularly at the major sites. It provides for the power to set up a development corporation or an urban regeneration company, where this is considered feasible, in collaboration with other bodies and organisations with an interest. Partnerships with local communities and local businesses will also be an approach considered."
Mr Pearson concluded: "The Reinvestment and Reform Initiative, with its innovative financing arrangements, combined with the possibility of using former military sites for regeneration, provides a truly dynamic opportunity to make positive differences to Northern Ireland."
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