That's the view of Ilex, the urban regeneration company tasked with turning around Derry's economic fortunes.

The general worldwide economic downturn - which has hit Derry consumers in the pocket, stagnated the local housing market and gripped the construction industry - should not affect multi-million pound projects planed for Fort George and Ebrington, Ilex's Director of Development Brenda Fraser told the 'Journal' this week.

Ms Fraser says she doesn't believe the financial squeeze will deter potential private sector investors from pumping money into the development of the former army bases located on both banks of Derry's riverfront.

"This is a long term plan and should not be affected by the credit crunch," she said. "This is not a quick in and quick out type of project.

There are companies that have been around for many years and they are looking for long term investments. If anything, the credit crunch has focussed companies on outlining what their strategies will be over the next number of years."

(For full interview with Ilex's Brenda Frazer, see Friday's Derry Journal p8 or click on feature interviews on our website.)