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US funding for NI 'unprecedented' US to unveil £380m NI investment
(about 1 hour later)
Northern Ireland's first and deputy first ministers have gone to New York to hear an announcement of major US investment. Details of a £380m US investment package for Northern Ireland are due to be unveiled in New York.
Ian Paisley and Martin McGuinness are due to meet 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".
The details are still under wraps, but it is thought the New York authorities are prepared to offer more than $100m. It is believed the money involves $150m from pension funds in the United States.
The money will be channelled through a wider investment fund, to be known as the Emerald Fund, whose headquarters will be in Belfast. The money - $750m - will be channelled through a wider investment fund, to be known as the Emerald Fund, whose headquarters will be in Belfast.
It will be devoted to infrastructure projects such as new hospitals.
The move is a boost for the executive's investment conference which is due to take place next month.The move is a boost for the 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 MacBride 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."