The Mid Wales Growth Deal reached a significant milestone this week (Tuesday, 22 December) with the signing of the Heads of Terms by the UK Government, Welsh Government and the region’s local authorities.
The signing demonstrates a commitment by both governments and the local authorities to work together to deliver a deal to support the economy of the region.
It also commits both the UK and Welsh Governments to back the growth deal with a £55m investment each, totalling £110 Million.
The region can now progress to the next stage which includes bringing forward more detailed proposals in the form of a Portfolio Business Case which will be developed from eight priority areas for intervention, including digital connectivity, applied research and innovation, energy, skills and employment, business support, transport, agriculture, including food and drink and a strengthened tourism identity.
Secretary of State for Wales Simon Hart said:
The UK Government is working to bring greater investment and growth to communities across Wales and today’s signing represents real progress in achieving those aims.
The Mid Wales Growth Deal is a significant opportunity to transform the region. We will build back better from the pandemic and bring opportunities and jobs to our communities which is why we have already committed £55m to this exciting portfolio of investment.
We will continue to work with our partners to develop the growth deal and ensure it delivers for the people and businesses of Mid Wales.