A £80 million growth deal to invest in the local economy has been officially signed by ministers from the UK and Scottish Governments and representatives from Falkirk Council.
Up to 2000 jobs and £1 billion worth of future investment is expected to result from the signing of the Heads of Terms agreement by Scottish Government Economy Secretary Kate Forbes, UK Government Minister Iain Stewart and Leader of Falkirk Council, Cecil Meiklejohn which took place in a virtual ceremony on Tuesday 21 December.
The agreement means 11 projects can now use £80 million of investment from UK and Scottish Governments plus a further £45 million from Falkirk Council, and £5.8m from Scottish Canals to create an Investment Zone for Falkirk and Grangemouth. This brings the total amount of investment in the area's economy to £130.8 million over the next decade.
City and Growth Deals have been allocated across the UK to provide financial support to Councils to invest in infrastructure and related measures to enable sustainable, inclusive growth. The Growth Deal follows on from £20 million of UK Government funding recently allocated to Falkirk from its Levelling Up Funding which will help create a new 'iconic' bridge of its Westfield roundabout.
The Falkirk Growth Deal will deliver significant new assets for the area and help Grangemouth’s petrochemical complex, which currently produces 10% of Scotland’s carbon emissions, transition to net zero.
Driving innovation and delivering
Eleven projects that make up the Falkirk and Grangemouth Investment Zone will benefit from the new Growth Deal. Projects sit under two broad themes – Innovative Industry and Creating Great Places.
Investment in Innovative Industry includes:
- £10 million for a Carbon Dioxide Utilisation Centre that will capture CO2 to manufacture more sustainable products and aid the transition to net zero.
- £10 million for a Bioeconomy Accelerator Pilot Plant to develop new sustainable processes using feedstocks such as food processing and whisky by-products.
- £4 million for an Innovation Skills Transition Centre, led by Forth Valley College, to deliver a programme for local students to gain the skillset that will help local industry and their supply chains.
Investment in Creating Great Places includes:
- £21 million for a Central Sustainable Transport Hub to be known as 'Falkirk Central’ at the current Falkirk Grahamston Station and an associated ‘Green Corridor’ that will connect local communities.
- £4 million for Scotland’s Canal Centre that will bring a derelict site into use offering opportunities for employment, training and recreation as well as a relocated HQ for Scottish Canals.
- £3 million for Scotland’s National Outdoor Art Park along part of the Forth and Clyde canal.
Read the full press release or read the full Heads of Terms agreement.