Government to launch project for investment

THE government is to launch a new investment project aimed at raising billions of pounds from overseas for British urban regeneration projects.

The Regeneration Investment Organisation (RIO) would be a “one stop shop” for foreign investors looking to put their money into UK assets, Sky News reported.

RIO, developed by UK Trade and Investment (UKTI), the government’s main trade promotion organisation, could be launched this week. Prime Minister David Cameron is due to make a foreign policy speech today at the Lord Mayor’s Banquet.

Employment adverts on the internet show RIO will aim to deliver £1.5bn of inward investment.

It has already begun recruiting and, according to LinkedIn, Nahid Majid was promoted to chief operating officer last month.

The site states the urban planner’s new role will be to work with sovereign wealth funds, pension funds, developers and international governments and UK embassies. The job involves “developing a pipeline of credible UK large scale regeneration investment opportunities to market to overseas investors on ministerial and key overseas visits.”

Downing Street last night refused to comment.