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US to unveil £380m NI investment US to unveil £380m NI investment
(20 minutes later)
Details of a £380m US investment package for Northern Ireland are due to be unveiled in New York. Northern Ireland is in line for a £380m investment package from the United States.
Northern Ireland's First and Deputy First Ministers Ian Paisley and Martin McGuinness are meeting New York City Comptroller William Thompson.Northern Ireland's First and Deputy First Ministers Ian Paisley and Martin McGuinness are meeting New York City Comptroller William Thompson.
His office has described the investment as "unprecedented" and "the largest ever US public investment in NI".His office has described the investment as "unprecedented" and "the largest ever US public investment in NI".
It is believed the money involves $150m from pension funds in the United States. Four New York city pension funds will invest a total of $150m in the Emerald Infrastructure Development Fund.
The money - $750m - will be channelled through a wider investment fund, to be known as the Emerald Fund, whose headquarters will be in Belfast. The investment fund's headquarters will be in Belfast and will be devoted to infrastructure projects such as new hospitals.
It will be devoted to infrastructure projects such as new hospitals. Mr Thompson told a news conference: "The trustees of the New York city pension funds and I are very excited and optimistic about the opportunities for potential strong returns from investments in the expanding Northern Ireland economy.
The move is a boost for the executive's investment conference which is due to take place next month. This investment confirms that Northern Ireland has turned a corner Ian PaisleyFirst Minister
"This announcement signals a great opportunity for investors such as the pension funds to invest in Northern Ireland's bright future."
The four pension funds are the: New York City Employees Retirement System (NYCERS), the Teacher Retirement System for the City of New York (TRS), the New York City Police Pension Fund, and the New York City Fire Department Fund.
Mr Paisley said the package had shown "vision and commitment".
Martin McGuinness and Ian Paisley are meeting the NYC Comptroller
"This investment confirms that Northern Ireland has turned a corner," he said.
"We are now a sound investment location that can provide the right calibre of people and projects to successfully underpin further inward investment, particularly from the US."
Mr McGuinness said the investment comes from the pension funds of ordinary people.
"It is, in effect ,the ordinary people of the US investing in the future of the ordinary people of the north of Ireland. "
The move is a boost for the Northern Ireland executive's investment conference which is due to take place next month.
BBC Northern Ireland political editor Mark Devenport said the expected announcement showed how far the political process had come.BBC Northern Ireland political editor Mark Devenport said the expected announcement showed how far the political process had come.
"In the past, New York city was in the forefront of the McBride principles campaign, which promoted a code of conduct for US businesses operating in Northern Ireland," he said."In the past, New York city was in the forefront of the McBride principles campaign, which promoted a code of conduct for US businesses operating in Northern Ireland," he said.
"The principles' supporters argued they were a necessary counter to discrimination, but unionists regarded them as an obstacle to investment.""The principles' supporters argued they were a necessary counter to discrimination, but unionists regarded them as an obstacle to investment."