£46m to boost Infrastructure and the Welsh economy
Finance and Government Business Minister Jane Hutt will announce an additional package of over £46m capital investment during 2015-16 to boost infrastructure, skills and promote economic growth across Wales.
As a pro-business Government, £33 million will be allocated to support businesses across the length and breadth of the country. This will include initiatives such as the Wales Micro Business Loan Fund to improve access to finance for micro-businesses and the Business Growth SME business Fund to help realise the potential of fast growing medium sized companies.
To boost skills and training opportunities, £2.7 million will be in invested in an Airbus and Aerospace Training Facility for high level training and on-going support for aerospace manufacturing. The joint project between Coleg Cambria and Swansea University’s College of Engineering will see facilities at both institutions and will train up to 75 Airbus apprentices and aerospace employees per year once fully operational.
North Wales is also set to benefit from an investment of £2.7 million for further transport developments. This includes investment in the Llangefni Link Road and the Northern Gateway Highway Infrastructure, opening up the site to commercial development providing an important catalyst for future investment opportunities.
Further investment will also include:
- £3m as part of a wider package of investment to support Cardiff Airport route development; and
- £5m for the Green Growth Fund – doubling the investment to date
Finance Minister said:
“The need for targeted investment in infrastructure is well rehearsed and is central to the priorities set out in our Wales Infrastructure Investment Plan. Infrastructure investment is one of the main contributors to growth and jobs and has a positive impact on the economy.
Despite our capital budgets suffering a 30% reduction in real terms since 2010 as a result of the UK Government’s austerity measures, we have made every effort to maximise our investment and protect capital investment. We have a clear fiscal stimulus approach here in Wales, not fiscal austerity.
As a pro-business government, we are working closely with companies to create sustainable economic growth and create jobs in every part of Wales. I am therefore delighted to be announcing an extra £46 million during this current financial year to boost our infrastructure priorities and deliver real and long-term benefits for people. This is a clear demonstration of how we are using every Welsh pound to deliver for Wales in tough financial times.”