Plans have been approved by a special board to invest more than £11 million over the next year into the local economy to minimise the effect of the recession.

The Leicester and Leicestershire Leadership Board, which was chaired by Leicester City Council leader Ross Willmott, has approved a 'Sub-Regional Investment Plan' - the funding for which has come from East Midlands Development Agency (emda).

The board, which comprises the City and County Council's leaders, representatives from emda, district councils, local businesses, the Homes and Communities Agency (HCA) and Voluntary Action Leicestershire (VAL), aims to improve economic performance and minimise the impact of the recession on the local economy.

The current global downturn has presented the area with new challenges and the County and City authorities are determined to overcome these by delivering effective solutions together.

The Board's plan - it's first since the transfer of economic development strategy and planning activities from the Leicester Shire Economic Partnership (LSEP) to the City and County Councils - details the projects that will be earmarked for delivery over the next year to ensure the economy is stable in the short-term and that it grows in the future.

The key projects to receive financial backing, subject to a successful appraisal by emda, will help to improve business performance by encouraging enterprise and business start-ups, increasing survival rates, promoting inward investment and tourism. There will also be significant investment in projects to raise skills levels, to assist people into employment and to support those that are the furthest from the labour market. The largest investment will be into creating the infrastructure to support future economic and housing growth.    

Cllr Ross Willmott welcomed the board's decision to support key projects for the city and county. "Key projects that are being supported include the Leicester Science Park, improvements to Leicester Station and the creation of the New Business Quarter, the development of innovation and business centres in Market Harborough and Hinckley," he said.

He added: "There will also be a programme to develop access centres across the city and county that offer employment advice and deliver learning, support for the sub-region's tourist attractions including the Space Centre, Conkers and the National Forest and a Rural Economy Support Programme to support businesses in rural areas."

David Parsons CBE, leader of Leicestershire County Council said: "We will be working closely with businesses and communities to help them adapt and maximise opportunities within the changing global economic situation. Through delivering our Sub-Regional Investment Plan, we will continue to help them combat the challenges they face by supporting the spirit of enterprise which already exists here."

The aim of the programme is to create a stronger, more sustainable economy by delivering key transformational projects. Some of these are already underway, like the opportunities being created by the New Business Quarter, Highcross and Curve developments. There are also others in the pipeline, all of which are designed to create significant economic and social opportunities for communities and businesses across Leicester and Leicestershire.

Diana Gilhespy, Executive Director of Regeneration at emda said: "This plan is the result of a strong partnership between Leicester City and Leicestershire County Councils and other local organisations. We are pleased to support its delivery in preparing the region for the economic upturn."