Approval has been granted for the County L'Derry-focused £10 million North West Regeneration Fund by Northern Ireland Communities Minister Gordon Lyons.

The fund is designed to support the regeneration of buildings within the Londonderry Historic City Conservation Area. It aims to address a gap in commercial investment by providing government loan funding where the private sector has been unable to do so due to a lack of commercial viability.

Up to £10 million in Financial Transaction Capital loan funding will be made available over the next five years to support this initiative.

Minister Lyons said: "This is an exciting time for the city, the introduction of this fund comes at a time of significant investment in the area, including the DfC funded Public Realm works adjacent to the historic walls of the City, investment from the City Deal, and the planned expansion of Magee university.  

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"In addition, my Department is working alongside the Western Health and Social Care Trust in relation to a planning application with aspirations to redevelop the Fort George site into a much needed health hub and mixed use development. All of these interventions are serving to enhance the city, making it more attractive for those who live there and those who choose to visit and stay there, providing a significant boost to the local economy."

Delivery of the North West Regeneration Fund will be managed by the Londonderry Inner City Trust, a third sector partner.

Reacting to the approval of the fund, Andrew Fleming, President of the Londonderry Chamber of Commerce, said: "The Chamber welcomes the announcement of the approval of North West Regeneration Fund. The delivery of the fund will be a significant step in the continued regeneration of Derry city centre.

"We look forward to seeing the further tangible changes the fund will bring and how these will help to unlock our local economic potential and grow our economy, by creating a North West that attracts and retains people and continues to honour and preserve our unique built environment and heritage."