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Peterborough joins green bank bidders

Peterborough has joined the list of towns and cities seeking to host the government’s proposed Green Investment Bank (GIB).

The GIB, due to be established  in April 2012, will focus on encouraging investment in new infrastructure that will provide green gains as well as financial return. Those sectors likely to benefit initially include waste.

Neil Darwin, director of economic development at Opportunity Peterborough, the city’s economic development company, said the move would create up to 100 new jobs in the city, with a significant number created additionally as a result of the bank’s investment.

He said: ‘We are aware that the government wishes to establish the bank in a city with a strong financial sector and an innovative environmental sector.

“On both issues Peterborough performs strongly. We face competition from a number of other cities, many of the countries’ biggest, but with our sector strengths, strategic location and city-wide enthusiasm, we can offer a cost-effective solution.”

The bank will be set up with £3bn of public money to help firms fund renewable energy schemes, with estimates that an extra £15bn of private investment could be generated for major projects beyond 2015.

In July, the Greater Manchester City region said it was considering a bid to host the bank with London, Bristol and Edinburgh also interested.

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