A NORTH-EAST business development organisation has added £30m to its investment fund.

The North-East Local Enterprise Partnership (NELEP) received the money after a successful application for Government regional growth fund cash, and now has a £55m North-East Investment Fund to back projects and create jobs across the region.

Bosses say the fund will aim to create about 2,300 new posts during the next ten years.

Paul Woolston, NELEP chairman, said: “The Investment Fund will shape future investment in the region’s key sectors, helping us to grow our international presence in offshore, automotive, digital, professional and business areas.

“Public and private sectors will benefit from the wide-ranging remit of this fund, and it will help to drive forward the economy's of this area and the UK.

“We now have a fund that will keep more of the proceeds from our growth in the region, and delighted we will be supporting even more investment to boost jobs and growth.”