A new school has become the first of 12 projects to reach financial close after getting the go ahead by Deputy First Minister John Swinney
The new £25m Ayr Academy in South Ayrshire, being built under the hub funding model, will now begin construction later this month.
Mr Swinney gave the green light for ten new schools and two new health projects being built under the hub finance model to proceed to financial close as soon as possible – this will deliver an estimated capital investment value of around £330 million.
This followed a ruling by the Office for National Statistics (ONS) that changes to the hub model made by Scottish Futures Trust would adhere to updated EU accounting guidelines, enabling these 12 projects to proceed.
Mr Swinney said:
“The Scottish Government has always prioritised public infrastructure projects as a critical tool for growing our economic recovery.
This is an important milestone for Ayr Academy, and I am pleased that construction for this new state-of-the-art facility will now begin by the end of this month.”