Ministers Archibald and Lyons announce £150,000 for Derry ‘Community Wealth Building’ pilot
Derry is to receive £150,000 from the Executive to support a new ‘Community Wealth Building’ pilot.
The money is being jointly allocated by the Department for the Economy (DfE) and the Department for Communities (DfC).
Sinn Féin MLA Ciara Ferguson said: “The investment of £300,000 from the Department for the Economy and the Department for Communities to help empower communities through Community Wealth Building (CWB) partnerships in Larne and the North West is to be welcomed.
“I am particularly pleased that one of the areas chosen for CWB partnerships pilot scheme is in Derry, with the other being in Larne.
“The two areas will receive £150,000 to pilot community-led economic and social development initiatives, to help build local capacity, strengthen community assets, and ensure that wealth generated within communities is retained and reinvested locally."
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 CWB 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 CWB 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.