A £150 million investment package aimed at boosting the local economy has been unveiled by Belfast City Council.

The initiative has been led and developed by all six leaders of the council's political parties, including Councillor Jim McVeigh (Sinn Fein), Alderman Robin Newton (DUP), Councillor Tim Attwood (SDLP), Councillor Maire Hendron (Alliance), Alderman David Browne (Ulster Unionists) and Alderman Hugh Smyth (Progressive Unionists), who hailed it as "can do" pro-active agenda to market Belfast globally.

Key aims of the three-year initiative are to support businesses, create employment opportunities, grow the local economy and provide economic infrastructure to ensure future competitiveness.

Plans for a Waterfront conference facility are among the highlights of capital investment. This £20 million extension to the iconic Belfast Waterfront will target the lucrative business tourism market.

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"This programme has been developed and supported by all six of the political parties on Belfast City Council," said Chair of the Strategic Policy and Resources committee, Councillor Deirdre Hargey.

"It is our commitment to address the economic downturn in Belfast and we believe it is the most significant initiative since Belfast Corporation was replaced by Belfast City Council in 1973. We will invest £75 million towards facilities for local communities and a further £75 million to support major partnership projects, local regeneration and key sectors such as tourism."

Belfast City Council's £150 million investment in capital projects to build assets and support construction and the wider economy, includes:

• £75 million in council facilities for local communities - including new pitches, playgrounds and the refurbishment and regeneration of local facilities and community assets

• £20 million in partnership projects which will contribute to city regeneration

• £50 million levered from Europe and other sources to provide key economic infrastructure projects to support the development of key sectors

• £5 million in smaller local regeneration projects

Belfast City Council will also be:

• investing £34 million in local economic growth, through tourism, events, arts and culture and encouraging competitiveness

• delivering 400 work placement, internship and apprenticeship opportunities

• delivering 200 employment opportunities at no additional cost to ratepayers

• increasing our local procurement by 10 per cent

(CD/GK)