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£16m boost for North Wales Growth Deal as first tranche of funding is released

WORK will begin on the landmark Growth Vision for North Wales after the first round of funding from the Welsh and UK Governments was received.

North Wales Economic Ambition Board can now move forward in laying foundations for the programmes that make up the North Wales Growth Deal, covering agri-food and tourism, energy, land and property, digital, and innovation in high-value manufacturing.

Driven by the Board’s Portfolio Management Office, based in Llandudno Junction, the initial £16m injection sets the wheels in motion and comes after years of hard work and collaboration at a regional and national level, with partners including both Governments, the private sector, colleges, and universities.

This is the first tranche from a £240m overall contribution – £120m each from both governments.

Portfolio Director Alwen Williams said: “This is a significant milestone, and a positive first step after an unprecedented 12 months.

“We’re investing in projects that will ultimately create thousands of jobs and have an effect on the lives of many families, businesses and organisations across multiple sectors.

“This is a pivotal time and – together with the Welsh and UK Governments – we will do all we can to help lead the region to a brighter future.”

Economy and North Wales Minister Ken Skates is delighted to see progress made since the Deal was signed in December.

He said: “I’m pleased that today we’re able to announce another significant milestone as the first tranche of funding is released.

“This is good news for the region after a difficult year with many challenges ahead. The Growth Deal will be pivotal in the region’s recovery from the pandemic as it has the potential to unlock £1bn investment and create thousands of jobs.”

UK Government in Wales Minister David TC Davies says the investment will have a major impact on the wider economy.

“Every area of Wales is now covered by a Growth Deal and the fantastic news that the North Wales deal can now get up and running is a testament to the planning and hard work that has gone into making it a reality for the area,” said Mr Davies.

“Growth Deals like the one in North Wales will create jobs, services and businesses as we build back better and stronger from the pandemic and revitalise our local economies.”