A landmark £1.3bn city deal for the Swansea Bay region will transform the economy of South West Wales, First Minister Carwyn Jones said today.
Backed by £125.4m of Welsh Government funding, the deal is the biggest single investment in the region and is expected to create 10,000 new jobs over the next 15 years.
The Swansea Bay City Region deal brings together Swansea, Carmarthenshire, Neath Port Talbot and Pembrokeshire councils and includes £115.6m of UK Government funding, £396m of other public sector money and £637m private sector investment.
Eleven major projects are planned across the region in energy, smart manufacturing, innovation and life science.
The First Minister will be joined by the Prime Minister, Cabinet Secretary for Finance and Local Government, Mark Drakeford, the four leaders of the local authorities and the Secretary of State for Wales to sign the city deal document at a ceremony in Swansea’s Liberty Stadium this morning.
Speaking ahead of the signing the First Minister said: “We have pushed long and hard for this city deal to be signed and have given it our strongest possible backing with £125m of Welsh Government investment.
“This is a package which will deliver jobs and economic growth for all of South West Wales, with clear benefits for all the areas involved.
“Today’s announcement is a transformative deal that will drive the regional economy in a new direction, supported by high-quality jobs and a digital infrastructure.
“I want to thank our partners – particularly the leaders of all the local authorities and Sir Terry Matthews – for their leadership and vision in bringing this historic deal to fruition.
“This again shows the viability of city deals for different parts of Wales and we want to see this replicated in North Wales. We welcome the UK Government’s commitment in the recent budget to the North Wales Growth Deal and will be pressing ahead with discussions on proposals.”
Cabinet Secretary for Finance and Local Government Mark Drakeford added: “Today marks the culmination of many months of negotiations and I’m pleased to see this deal now becoming a reality.
“It has taken a lot of hard work to get us to this point but each of these 11 major projects have both the financial backing and potential to deliver for the people of South West Wales, creating high-quality jobs and opportunities that we need to see right across the country.”