Executive creates momentum for the Titanic signature project and a rapid transit system for Belfast

The Executive continues to meet, discuss and develop proposals to redress hardship and stimulate the economy.

As part of this process the Executive has moved to support projects which will deliver investment of around £250million. This will be a boost to the construction industry and to our long term economic prospects.

The Executive has agreed to support the Titanic Signature Project with an investment of £43.5million and looks forward to the confirmation that the other funding arrangements have been put in place. At its peak there will be 600 workers on site and work is scheduled to start next year. The total cost of the project is just under £100million and is an important boost for the local construction industry.

Once completed in 2012 it will establish a world class visitor centre in Northern Ireland, representing further good news for the local economy in terms of jobs and visitors.

Ministers also approved the strategic outline case for a rapid transit system in Belfast. This scheme will create a new dynamic transportation system improving traffic flows across the city.

The £150million project is a priority in the Programme for Government and today’s decision is a significant first step.