THE NATIONAL Asset Management Agency has agreed to lend more than £100 million to its Northern Ireland debtors to finance investment projects, the North’s Finance Minister said.
Sammy Wilson said the finance approved by the agency would help support economic activity and employment in Northern Ireland.The Minister also said yesterday that further funding and other initiatives would be unveiled by Nama in the near future.
About £60 million of the new finance approved by Nama relates to projects that are based in Britain but are chiefly managed from Northern Ireland.
Mr Wilson said that at a time when lending was constrained in the North Nama’s decision to approve the funding would “provide a much needed boost for the construction and property sectors in Northern Ireland”.
Nama has acquired loans in the North totalling £3.35 billion (€4 billion). This represents just 4 per cent of its total portfolio.
£2 billion (€2.4 billion) of these loans relate to undeveloped land, while investment land represents a further £1 billion (€1.2 billion). Property and land under development accounts for £350 million (€400 million).
The Department of Finance in Northern Ireland said the new funding was earmarked for office developments, a retail shopping centre, a retail park and other projects in the hospitality sector.
Mr Wilson has still not secured the appointment of a full board member with a Northern Ireland background to Nama’s advisory committee on the North.
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