Cardiff Capital Region will form an official strategic partnership with the National Wealth Fund, the UK’s Public Finance Institution and national wealth fund in what promises to be a golden opportunity to accelerate investment and growth across South East Wales.
The partnership will give direct access to the National Wealth Fund’s investment knowledge, expertise and capital, to help develop and grow project pipelines, attract public and private finance and deliver key infrastructure to support growth and create high value jobs.
Projects already receiving advisory guidance and support through similar partnerships include Clyde Metro in Glasgow City Region, The Sports Quarter in the West Midlands, a new zero-emission bus fleet in Greater Manchester and Mass Transit in West Yorkshire.
Working closely with the National Wealth Fund, Welsh Government and the ten constituent local authorities, the partnership will be an opportunity to align national investment and capacity, with the ambition, assets and opportunities of our region, reflecting a distinctive ‘Welsh way’ to maximising public investment.
This builds on the region’s recent successes in economic regeneration, such as its Strategic Premises Fund and Northern Valleys Initiative where over £115M of funds are hard at work, creating high-quality business and industrial spaces for local firms to scale.
Speaking of both the powerful and practical opportunity for the region, Cllr Mary Ann Brocklesby, Chair of Cardiff Capital Region said: “This strategic partnership with the National Wealth Fund is a show of confidence in the region to accelerate the development of genuinely game-changing projects that will drive sustainable economic growth across our region and to the benefit of the nation and local communities.
“By combining our deep understanding of local opportunities with the Fund’s investment expertise and capital, we can strengthen our pipeline of investable projects, unlock private sector investment and deliver the infrastructure needed to support thriving communities, better connectivity and high-quality jobs. We look forward to working closely with the National Wealth Fund, Welsh Government and our founding local authority partners to turn ambitious plans into deliverable projects that create long-term prosperity for our residents.”
Meanwhile, Secretary of State for Wales Stephen Kinnock said: “The Prime Minister and Chancellor are committed to delivering good growth and jobs in every Welsh postcode. This will come from empowering regional leaders and supporting modern industries to unlock opportunities for our communities.
“The new partnership between the UK Government’s National Wealth Fund and Cardiff Capital Region will help boost the Welsh economy by driving investment into infrastructure, regeneration and the jobs of the future.”
The Strategic Partnerships model, provided through the National Wealth Fund’s Regional Project Accelerator programme, demonstrates the value of deeper, longer-term partnerships with local leaders, bringing the Fund’s expertise together with local knowledge to support projects that can improve local infrastructure and unlock major development opportunities. The National Wealth Fund will continue to extend the Strategic Partnerships model to other Mayoral Strategic Authorities and City Regions over time, while continuing to focus support where it can make the greatest impact.
Speaking in recognition of the ten years of partnership working that has underpinned the breakthrough, Kellie Beirne, Chief Executive, Cardiff Capital Region said: “I welcome forming a strategic partnership with the National Wealth Fund. By connecting national investment capacity with the ambition and opportunities across all ten areas in our region – and working in the Welsh way, collaboratively with UK, Welsh and local government – we can unlock private capital, accelerate delivery and make a bigger collective impact for our economy, communities and places. It is another demonstration of what the Cardiff Capital Region can achieve as a force for Wales.”
Oliver Holbourn, CEO of the National Wealth Fund, said: “To unlock the UK’s future we need to grow regional economies. This announcement signals our continued commitment to expanding our partnerships with local leaders across the UK, providing tailored support based on local needs and opportunities, creating jobs and spreading the lasting benefits of investment to the local communities they serve.”
