Convergence is the new European economic regeneration investment that runs until 2013. It is a timely and significant opportunity for focussed investment in our economy, that will make a long term difference to the people of Cornwall and the Isles of Scilly.

Convergence will help to build a stronger more diverse economy by supporting businesses and helping people into employment and those in work gain new and up-to-date skills.

This will include work with higher education to promote business-friendly research and innovation and investment in 21st century digital connectivity.

Convergence consists of two funds - European Regional Development Fund (ERDF) and European Social Fund (ESF)

The European budget for Convergence is c£500m with c£347 for ERDF and c£153m for ESF - this will be matched by UK public money from local, regional and national sources giving a total value of c£712m.

The Convergence budget is allocated in Euros and therefore during the life of Convergence these figures will vary with the GBP/Euro exchange rates.