Sector - Finance & Legislation
North Wales Growth Deal signed in London
8 Nov 19
A combination of Welsh and British Government officials have recently signed an agreement pledging millions of pounds worth of investment towards the North Wales Growth Deal which aims to deliver local projects and increase employment opportunities across the region.
According to the North Wales Growth Deal, which was signed in London, funding will be directed to projects with a focus upon low carbon energy, digital connectivity, land, and property, with regional authorities still making efforts to provide detailed proposals for each project by the end of 2020.
The Secretary of State for Wales, Alun Cairns stated: “The UK Government is working to bring greater investment, growth and job opportunities to communities across Wales and today’s signing represents real progress in achieving those aims.
“The Growth Deal is a huge and exciting opportunity to transform the region and help rebalance the Welsh economy. We will continue to work with our partners to develop the growth deal and ensure it is delivered for the people and businesses of North Wales.”
So far, the British and Welsh Governments have reserved funding worth £120M, while the North Wales Economic Ambition Board predict that funding valued at £240M would create around 4,000 jobs, and private investments are scheduled to top out at £500M from private investors.
The Welsh Government Minister for International Relations, Eluned Morgan commented: “The Growth Deal has the potential to transform the region. Signing this Heads of Terms today demonstrates our commitment to the Ambition Board and regional partners to work together for the people and businesses of North Wales.”
Ken Skates, Minister for Economy, Transport and North Wales, added: “Our joint aim is creating jobs, boosting the economy and delivering a Growth Deal that will have a positive and lasting impact for generations by creating a more equal Wales, a more prosperous Wales, and a greener Wales.”
The Chair of the Ambition Board and Leader of Gwynedd County Council, Councillor Dyfrig Siencyn concluded: “By signing the Heads of Terms we have shown our dedication and commitment to the region.
“We will continue to work together for the people and businesses of North Wales, with the joint aim of creating jobs, boosting the economy and delivering a Growth Deal that will have a positive and lasting impact for generations to come.”
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