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Supporting economic recovery
14/04/2010
Funding of £76 million is to be invested in colleges, affordable housing, transport and renewable energy infrastructure projects in Scotland.
Speaking during a debate on the Scottish Government's Economic Recovery Plan, Finance Secretary John Swinney said the money would be used to support employment and boost Scotland's economy.
The allocations agreed by Cabinet, which will be used in 2010-11, are:
- £31 million for affordable housing developments
- £17 million earmarked for investment in further education colleges, supporting existing work at Dundee and enabling an early start to construction at Forth Valley
- £10 million for sustainable transport initiatives
- £6.2 million for the upgrade of the A77 Park End to Bennane
- £5.1 million for the upgrade of the A9 at Crubenmore
- £3.8 million to accelerate work on the Dundee waterfront project
- £3 million towards renewable energy infrastructure at Arnish in the Western Isles
Mr Swinney said:
"The Scottish Government has moved swiftly to allocate these resources to ensure they make the maximum possible contribution to Scotland's economic recovery and to support employment, particularly in the construction industry.
"Significantly, we have decided to invest an additional £31 million in affordable housing. It means that over three years we will deliver a record £1.71 billion of investment in social housing - to support the approval of 21,500 affordable homes across Scotland.
"Other projects we are supporting, in the renewable energy sector and transport initiatives can make a major contribution to the development of a low carbon economy - something our future success as a nation depends on. Our support for capital investment in colleges and money to accelerate work on the Dundee waterfront project will also be warmly welcomed.
"Despite the UK Government's withdrawal of fiscal stimulus measures - alone apart from Argentina among the G20 countries in doing so - the Scottish Government has protected spending on frontline public services and is ensuring ongoing investment in our Economic Recovery Plan, which is providing real support for hard pressed businesses. The package of support I am announcing today will provide a further and timely boost to Scotland's recovery prospects."