First slice of Growth Deal funding on its way to Mid Wales
2 October 2023
£4m of funding has been received, enabling the Growth Deal to progress to the next stage of delivery.
The Growth Deal in Mid Wales is expected to deliver direct and indirect benefits, such as:
- Growth in regional prosperity
- Creation of better-quality jobs for the local labour market
- A more skilled workforce within the region
- Improvements in standards of living across the region.
In January 2022, an investment of £110m over 10-15 years was agreed from both the UK and Welsh Government with the expectation to leverage further public and private investment with an overall combined investment of £400m to deliver the Mid Wales Growth Deal.
Since then, the Programmes and Projects that form the Mid Wales Growth Deal Portfolio have been progressing their business cases. They will contribute towards the delivery of one of the following Strategic Growth Priority areas:
- Applied Research & Innovation
- Agriculture, Food & Drink
- Strengthened Tourism Offer
- Supporting Enterprise
This first allocation of funding to the region will enable Growing Mid Wales to deliver financial support to the Growth Deal project proposals and programmes when they are ready to receive it.
In a joint statement, Leader of Powys County Council, Councillor James Gibson-Watt and Leader of Ceredigion County Council, Councillor Bryan Davies said: "This is a fantastic development and huge milestone for Mid Wales - knowing that the money has finally come into the region and will make a positive difference on our economic landscape is a reason to celebrate. It reinforces the Governments trust in us to deliver on creating new jobs, increasing productivity, and attracting funding to the region.
"This also reinforces our relationship with the Growth Deal project proposals and programmes and our commitment to help them achieve their objectives."
Highlighting the programmes and projects being supported by the Mid Wales Growth Deal is the video 'Opportunity Grows Here' on YouTube: https://youtu.be/LaKycdsMpPo
A series of planned assurance reviews have taken place to ensure the portfolio of projects and programmes are on track to meet key objectives. The Growing Mid Wales team are working alongside the project sponsors to see their business cases progress so that they are a step closer in receiving the funding.
Welsh Secretary David TC Davies said: "I'm delighted to see progress on delivering the Mid Wales Growth Deal with the release of this funding. There is potential for this deal to transform the economy of Mid Wales and the lives of many people who live there.
"The UK Government is proud to work with our partners in Welsh Government and Powys and Ceredigion Councils. This is an important first step in driving prosperity and creating new jobs and opportunities in the region."
Welsh Government Economy Minister Vaughan Gething added: "This is a significant milestone underlining our commitment to growing the economy in Mid Wales. Government funding for the Deal must be a catalyst for wider engagement and investment by stakeholders including the private sector to bring about transformational change for businesses and local communities.
"I am eager that our regional partners now maintain the pace and bring forward proposals that can address key challenges, make the most of Mid Wales's strengths and contribute to our vision for a more prosperous, fairer and greener Wales".
For updates on the Mid Wales Growth Deal and wider Growing Mid Wales news, you can sign up to the Growing Mid Wales newsletter, by sending an email to email@example.com.