Forth Green Freeport unlocks funding for reindustrialization

The Forth Green Freeport has marked a joint agreement which unlocks US$33.4 million of seed funding from the UK Government to support reindustrialization of the Edinburgh, Fife, and Falkirk areas and attract US$10.5 billion of private and public investment over the next decade.

At the Port of Leith, Parliamentary Under Secretary of State for Scotland joined the Forth Green Freeport Chair to mark the signing of a Memorandum of Understanding with the UK and Scottish Governments, which releases US$33.4 million of seed capital funding.

This seed capital will be match funded by project leads bringing an initial investment in the area to more than US$66.9 million.

The seed capital funding will help prepare the key sites within the FGF area to attract investors and deliver major economic benefits for Scotland.

It will mean delivery can begin on projects which have been identified to attract major inward investment in the key target sectors including offshore wind, hydrogen, sustainable fuels, modular manufacturing, and logistics. FGF will support the reindustrialization and large-scale economic regeneration of Central Scotland over the next decade.

A detailed economic impact assessment has projected that FGF will generate US$10.5 billion of private and public investment and boost gross value added by US$10.8 billion.

The analysis projected that up to 34,500 well-paid, skilled jobs could be created with around 16,000 of these being direct employment in the FGF’s target sectors and tax sites.

The event took place at the Port of Leith which has been transformed through major private investment by owners and FGF Consortium partner, Forth Ports, into a world class renewables hub which is currently hosting the Inch Cape Offshore Wind project marshalling the foundation component parts of the 72-turbine wind farm being constructed off the Angus coast.