Cornwall Council and the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) have welcomed official confirmation that the Duchy is to receive a third round of European funding.
Following on from the Objective One and Convergence projects, the Duchy will receive €592.9 million (£507 million) between 2014-2020 to invest in vital economic development projects and programmes.
LEP chairman, Chris Pomfret, said: “The announcement that funding will be ring fenced for Cornwall and the Isles of Scilly is good news, but the challenge now is to make sure that this investment is targeted in the right way and has the maximum impact in supporting businesses to grow and create jobs in Cornwall and on the Isles of Scilly.
“The LEP is consulting widely with businesses and the community to make sure that they have a say in how this money is spent before the programme starts next year. We have been allocated this funding because of our position as one of the poorest regions in Europe and we need to spend this money wisely in order to ensure it is the last time we fall into this category.”
Julian German, the Council’s cabinet member for economic development and culture, added: “Cornwall has an enviable track record in the delivery of EU programmes and has invested in great projects such as the Combined Universities in Cornwall, the roll out of superfast broadband and Unlocking Cornish Potential.
“However, the Cornish economy has struggled during the current economic downturn and we need to make sure the next programme is designed and delivered by Cornwall for Cornwall, if it is going to support sustainable economic growth in our communities.”
Further guidance will be produced by Government in early July and final proposals from Cornwall and the Isles of Scilly for how the funding will be spent will be finalised in September.