A new fund of about $40 million is being set up to finance infrastructure projects and protect jobs by Environment Bay of Plenty.

EBOP chairman John Cronin hopes the fund will be established by 2011.
'For two years the council has been investigating ways to leverage its investment in the Port of Tauranga to support economic development in the Bay. This fund is the best way,” says John.
Money for the fund was raised through a share issue in EBOP's wholly-owned Quayside Holdings Ltd, through which it holds investment in the Port of Tauranga.
'We expect the fund will support major new projects or upgrade existing public infrastructure and will receive applications from external parties including industry, city and district councils,” says John.