Over 50 further education colleges have secured £233m of government capital funding that will unlock almost £500m in investment
Over 50 further education colleges have secured £233m of government funding that will unlock almost £500m worth of improvement and expansion projects.
The business department said today that many of the successful colleges will use the investment to build state of the art science and engineering facilities to provide training for the next generation of engineers.
The department said it was targeting those in the greatest need of help and those that can best support growth in the economy by investing £232.7 million in colleges, matched with more than £250 million investment from colleges themselves.
The funding comes as part of the third and fourth rounds of the College Capital Investment Fund (CCIF), through which £550m is being made available between 2013 and 2015.
Business secretary Vince Cable said: “Boosting the quality and availability of training is fundamental to building a stronger economy, with skilled jobs spread across all regions of the UK.
“Our commitment to support modern, well-equipped colleges and training centres to train the next generation sits alongside the government’s industrial strategy giving business the confidence to invest in the long-term.”