css-14iz86j-BoldText {font-weight: bold;} Invest NI – Northern Ireland’s Economic Development Agency – faces a potential funding bottleneck due to the loss of EU grants

A substantial part of his budget came from two EU funds, the ERDF and the ESF

Economy Secretary Diane Dodds said the new UK Shared Prosperity Fund would offer “significantly less” than the EU schemes

Ms. Dodds of the DUP said the Department of Commerce and its independent bodies, including Invest NI, typically have around $ 100 million GBP per year received from EU sources

Her highest official told MLAs that the loss of EU funds was “a profound political challenge”

Mike Brennan said, “I think Invest NI is now in a position to stop writing new deals in the future because they run out of budget”

Ms Dodds said Northern Ireland was not in a unique position and that other regions in the UK would also have deficits following the withdrawal of EU funding

She said: “There is currently no agreement on EU replacement funding at national level”

She added that she hoped the position would be “corrected” but it was very serious at the moment

Kevin Holland, Chief Executive Officer of Invest NI, said: “Invest NI works closely with companies and continues to support them in starting, expanding and attracting new investors in Northern Ireland

“We are very open to business and welcome approaches from companies seeking support. To date, there has been no UK agreement to replace the loss of EU funds, one of our funding streams

“Invest NI is working closely with the Ministry of Economic Affairs to find a positive solution to this problem”

A spokesman for the UK Department for Housing, Community and Local Government said: “The UK Fund for Shared Prosperity will help improve and create opportunities for people and places across the UK

“Funding for the UKSPF is ramping up so that total domestic funding across the UK is at least equal to EU Structural Fund revenues, averaging around £ 1.5 billion a year

“We are raising $ 220 million across the UK in 2021-22 GBP ready to help local areas prepare for UKSPF “

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World News – UK – Brexit: Invest NI to be hit by loss of EU grants

Source: https://www.bbc.co.uk/news/uk-northern-ireland-55339227