Ministers Archibald and Lyons announce £300,000 to help empower communities
Date published:
Community Wealth Building (CWB) partnerships in Larne and the North West are each to receive £150,000 to pilot community-led economic and social development initiatives.
Community Wealth Building (CWB) partnerships in Larne and the North West are each to receive £150,000 to pilot community-led economic and social development initiatives.
Funded jointly by the Department for the Economy (DfE) and the Department for Communities (DfC), the pilots reflect a shared commitment to empowering local communities and fostering inclusive economic growth.
Economy Minister Dr Caoimhe Archibald said:
“Community Wealth Building empowers local people to benefit from locally-owned assets. It’s a model that I’m keen to support given its potential to create a more regionally balanced economy in which everyone shares in growing prosperity.
“These pilots in Derry and Larne will help us to test and refine this inclusive approach to economic development.”
Communities Minister Gordon Lyons said:
“I am proud to support the Community Wealth Building Partnerships in Larne and the North West. These areas have shown how strong local leadership can turn a concept like Community Wealth Building into practical action which can help tackle poverty and improve social outcomes for our citizens.
“As Communities Minister, I know that real change comes from the ground up and, importantly, this funding will help deliver targeted initiatives shaped by the needs and ambitions of local people. I look forward to seeing these projects evolve and deliver lasting impact in their communities.”
The two pilots areas will each receive funding of £150,000 to support Community Wealth Building initiatives in the areas of the North West and Larne. The pilots will explore innovative, place-based approaches to economic development, focusing on building local capacity, strengthening community assets, and ensuring that wealth generated within communities is retained and reinvested locally. The partnerships will announce more details on their plans in the coming weeks.
Notes to editors:
- Photo caption – Pictured at Parliament Buildings are Economy Minister Dr Caoimhe Archibald and Communities Minister Gordon Lyons.
- Community Wealth Building (CWB) is a new people-centred approach to local economic development, which redirects wealth back into the local economy.
- The NW pilot brings together Development Trusts NI, Trademark Belfast, and Enterprise North West to promote community wealth building. Trademark will focus on worker buyouts for business succession and economic resilience, while Enterprise North West will connect stakeholders and highlight the benefits of CWB. They are also working to improve social value in procurement and help social enterprises access credit union finance.
- LEDCOM will coordinate the Larne CWB partnership pilot by uniting stakeholders to manage over £50M in economic development projects. Plans include creating a Life Sciences Cluster, developing the business case for the “Willowbank 2” innovation hub, and collaborating with the Port of Larne on logistics upgrades and port decarbonisation.
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