AN innovative new deal has been signed to help develop business across the Tees Valley while attracting more investment into the area through a £200m deal.

The Tees Valley Mayor and Combined Authority Cabinet has signed the 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.

And the two organisations aim to help to deliver the Tees Valley’s Strategic Economic Plan to deliver 25,000 jobs by 2025 by working in partnership.

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 £200 million 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.”

The economic plan sets out the growth ambitions and priorities for the Tees Valley over the next ten years to 2026 and is now being refreshed to create an Industrial Strategy that includes all of the latest priorities to improve, diversify and accelerate growth in the local economy to benefit businesses and residents.

Stephen Bloundele, chairman of the Teesside Pension Fund, said: “The Teesside Pension Fund has made an important vote of confidence in our local economy, by allocating around £200 million 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.”

The money will also be used to try to ensure the Tees Valley’s labour market is suited to meet the needs of local business and supports the employment opportunities across the area.

The plan, which was published last year, aims to attract new businesses, promote Teesport as the principal European goods access point for the North and create centres of innovation and technology when it comes to research, development, innovation and energy.

Other aims are increasing the number of young people in education, employment and training as well as expanding the number of new homes.

One scheme already supporting companies as part of the Strategic Economic Plan is Tees Valley Business Compass which has increased its funding available for firms looking to expand.

Officials say it will offer grants across innovation, broadband and energy efficiency, with money also set aside for general business support.

For further information visit teesvalley-ca.gov.uk