The Tees Valley Mayor and Combined Authority has signed a ground-breaking agreement with the Teesside Pension Fund to work together on projects to support the economic growth of the area.
Under the agreement, the Tees Valley Combined Authority will identify projects which could boost the local economy, and benefit from long-term investment from the Teesside Pension Fund.
By working together, the two organisations will help to deliver the Tees Valley’s Strategic Economic Plan to deliver 25,000 jobs by 2025.
Tees Valley Mayor Ben Houchen said: “As part of my ambitious Plan for Growth, I am committed to expanding the sources of finance available to businesses and infrastructure projects. This ground-breaking agreement is a major step forward in meeting my commitment.
“By securing around £200m of additional investment for our area, we can now support even more projects which can boost jobs, growth and productivity. I now call on businesses and outside partners of all sizes to rise to this challenge and make full use of this opportunity.”
Stephen Bloundele, chair of the Teesside Pension Fund, said: “The Teesside Pension Fund has made an important vote of confidence in our local economy, by allocating around £200m of our investment funds to this.
“By working with the Combined Authority and drawing on the expertise of their team, we can ensure that the projects we invest in deliver good returns to benefit our pensioners as well as support economic growth and jobs in the Tees Valley.”