£1Bn of investment in infrastructure confirmed by Welsh Government
Welsh Government confirm commitment to delivering £1Bn of capital infrastructure investment through MIM.
The Welsh Government has confirmed its commitment to delivering £1Bn of capital infrastructure investment through innovative finance, using the new Mutual Investment Model (MIM). The MIM was launched at an event on March 24 2017, by Finance Secretary Mark Drakeford, Health Secretary Vaughan Gething and Education Secretary Kirsty Williams, who provided an update on the three schemes being taken forward to potential partners.
Partners from the finace and construction sectors will hear about the model and schemes, including the assurance provisions and development timelines.
Professor Drakeford said: “The Welsh Government have been carefully designing the MIM to finance major capital projects while protecting the public purse.”
The three new projects are completing the dualling of the A465 from Dowlais Top to Hirwaun; the new Velindre Cancer Centre and a significant tranche of the next phase of the 21st century schools and education programme.
Professor Drakeford said: “Over the last 18 months, we’ve worked closely with the Office for National Statistics and experts at the European Investment Bank to carefully design and secure our new Mutual Investment Model. It has been designed to promote and protect public interests, while also providing the right mix of incentives to private partners.
“I am pleased we’ve had such an interest from potential private partners. It is a clear sign that the market is interested in working alongside the public sector on these three important schemes.
“We are continuing to face unprecedented challenges to public finances so it is vitally important that we unlock all opportunities to boost infrastructure investment. This new public-private partnership model will deliver a £1bn capital infrastructure investment boost for crucial transport, health and education schemes.”
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