New homes to be built as part of £150m investment in Barking and Dagenham

�150m is set to be invested in the borough

�150m is set to be invested in the borough - Credit: Archant

Barking and Dagenham is set to become the first London borough to benefit from its share of a £1billion investment in the capital.

�150m is set to be invested in the borough

�150m is set to be invested in the borough - Credit: Archant

The £150m pledge, to be announced at Barking Town Hall this afternoon, has been jointly funded by the European Investment Bank and the London Green Fund.

The cash injection has been earmarked for 560 new affordable homes on the edge of Barking town centre and to allow for investment in schools, leisure facilities and energy efficiency measures.

It is also envisaged that the investment will contribute to assisting local young apprentices, low-skilled workers and long-term unemployed people from the area into work opportunities.

Councillor Darren Rodwell, leader of Barking and Dagenham Council, said: “This is a very welcome and innovative approach which will allow us develop and grow our borough by working with our partners in and outside London to deliver much needed infrastructure as London moves east.

“We are proud that Barking and Dagenham is leading the way, thinking outside the box to not only build high quality homes and a sustainable community while developing a local, skilled workforce and improve employment opportunities for our residents.”

Jonathan Taylor, European Investment Bank Vice President, said: “We are particularly pleased that Dagenham and Barking will be the first borough to benefit from the new scheme.

Most Read

“Urban renewal under the new programme will not only improve the quality of life and health of Londoners, but create jobs where they are most needed.”

It is expected that the £89m first tranche of funding will be made available for investment in Barking and Dagenham in the coming weeks.

Pick up a copy of Wednesday’s Post for full details of how the investment will be spent.

Read more:

Prime Minister Cameron hails £9million funding for Dagenham Ford plant