§ Mrs. Jane KennedyTo ask the Secretary of State for the Environment when he expects the Merseyside property development fund to commence operation; what are the main aims of the fund; and how much is being invested in the fund by each of its partners. [31824]
§ Sir Paul Beresford[holding answer 7 June 1996]: The proposal for a Merseyside property development fund is being developed by English Partnerships in discussion with other objective 1 partners. The objective of the fund would be to encourage greater private sector investment in the Merseyside property market.
The applicant is exploring appropriate structures and financing mechanisms. It is envisaged that there will be funding from EP, objective 1 European regional development fund, and the private sector. Due to the complex nature of the proposals, it is difficult to forecast when the fund will be operational.