A number of projects in Cardiff Capital Region (CCR) have been approved.
The CCR Regional Cabinet believes the series of key projects will help shape the region as one of the most investable areas in the UK.
The projects, all submitted through the Investment and Intervention Framework, will see investments ranging from initial sums totalling £215,000 to progress next steps business cases, through to a £30m commitment of City Deal funding for a Housing Investment fund, and £1.5m to scale up the CCR graduate programme.
The Framework, launched by the Economic Growth Partnership, focuses on the region’s three priorities; innovation, infrastructure and challenge. The will look to enable maximum leverage of the £495m the CCR City Deal has available for investment. It is anticipated the decisions made this week will result in a further £900m of private sector capital being invested into the region through the approved schemes, with the housing fund alone contributing approximately £700m of that projected sum.
The cabinet say the projects have benefited from expert advice and discipline provided by both the Economic Growth Partnership and Investment Panel, and were approved following Investment Panel recommendation and final approval of the Regional Cabinet.
Councillor Andrew Morgan, Chair, CCR City Deal Regional Cabinet Committee and Leader of Rhondda Cynon Taff County Borough Council, said: "The calibre of the proposals coming through the Framework highlight just how investable the Cardiff Capital Region truly is.
"The Economic Growth Partnership has been the absolute catalyst for bringing these momentous projects to fruition, which will create sustainable growth, drive economic inclusion and have the ability to transform our region.
"The projects are absolutely critical in further cementing the CCR as one of the most economically competitive and socially resilient regions within the UK and we look forward to working further with Welsh Government and other private sector organisations as we progress to the next stages."
Kellie Bernie, director CCR City Deal, said she was delighted with the decisions made to progress the investments.
"We have spent a lot of time to date putting firm foundations in place, through things like the Economic Growth Partnership and The Investment and Intervention Framework, to help ensure we invest in the right things, in things that will truly help us become a Connected, Competitive and Resilient region," she said.
"That is now paying dividend; the impact of these investments will be truly pan regional, and will be critical in ensuring we create the right infrastructure and conditions precedent for our businesses to grow with confidence and create resilient communities for the benefit of all our people across the region.
"We are making things happen. I am proud of what we’ve achieved to date and I am very much looking forward collaborating across our business communities, Welsh Government and our 10 local authorities to progress these investments through to implementation."
The CCR City Deal is seen as a catalyst for long-term economic revival, aiming for the whole region to become self-sufficient. It includes the 10 local authorities of Blaenau Gwent, Bridgend, Caerphilly, Cardiff, Merthyr Tydfil, Monmouthshire, Newport, Rhondda Cynon Taff, Torfaen and Vale of Glamorgan. The Regional Cabinet comprises the leaders of the 10 unitary authorities.
Of the £1.2bn available, £734m is ringfenced for the South Wales Metro, and the remaining £495 million is available for the funding of high-potential projects in the region through its Investment and Intervention Framework, launched last year. So far, £38m has already been invested in creating the world’s first compound semiconductor cluster in South-East Wales, CS Connected.
