Communities in every corner of Wales will benefit from a new fund, worth more than half a billion pounds, to create jobs and grow productivity across Wales.
The Local Growth Fund replaces money that used to come from the European Union.
Decisions about how the money will be spent will return to Wales, honouring the UK Government’s manifesto commitment to restore decision-making on money that previously came from the EU.
The Welsh and UK Governments have agreed a framework which will set priorities and processes for allocating the funds, with a delivery plan developed and led by the Welsh Government.
Local authorities and other partners will have a key role in deciding how the funding is spent. Later this month, the Welsh Government will consult on the best way to use this funding through a consultation.
The Welsh Government is keen to understand how it can best:
- support people into work and help people gain new skills and qualifications to progress into higher paid jobs, so that a larger proportion of the population is employed
- help create and grow Welsh businesses in key sectors and boost investment in research and innovation, in areas such as health and bio-tech, financial technology, low carbon energy and AI
- address the issues that are holding back growth, such as the need for key sites and premises, renewable and low-carbon energy generation, energy efficiency, and low-carbon transport.
More information on the funding will be announced in the coming months.
Please visit the GOV.WALES website to read the announcement: Half a billion pounds growth fund announced for Wales | GOV.WALES.