The Cardiff Capital Region has entered into a 'strategic partnership' with the National Wealth Fund to help 'accelerate major growth' in the area. The partnership will give the region investment knowledge, expertise and capital to help grow and develop financial opportunities.
Advisory role and project development
The National Wealth Fund said the partnership does not involve direct financing but involves the fund working in an advisory capacity. The aim is to develop projects to the point where they can attract capital from private markets, or from the fund itself if projects meet investment criteria.
The Cardiff Capital Region is among the city regions to enter into partnerships with the fund, which hopes to grow project pipelines, attract public and private finance and deliver key infrastructure to support growth and create jobs.
Regional leaders welcome the move
Coun Mary Ann Brocklesby, Chair of Cardiff Capital Region (CCR), said: "This strategic partnership with the National Wealth Fund represents a significant opportunity for Cardiff Capital Region to accelerate the development of transformational projects that will drive sustainable economic growth across our region and to the benefit of the nation.
"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 partners to turn ambitious plans into deliverable projects that create long-term prosperity for our residents."
Secretary of State for Wales Stephen Kinnock MP 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."
Regional Project Accelerator programme
The strategic partnerships model is provided through the National Wealth Fund’s Regional Project Accelerator programme. It 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, open up development opportunities and help places attract investment.
The fund said it hopes to continue to explore further opportunities 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.
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 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."
About Cardiff Capital Region
Cardiff Capital Region is made up of the 10 councils across South East Wales - from Monmouthshire to Bridgend, Merthyr Tydfil to Vale of Glamorgan - and is known as a Corporate Joint Committee. Since 2017 the body has worked to create and safeguard more than 3,000 jobs across the region; it has also invested millions in the Metro transport system.
Other areas in the UK which have entered into partnership with the National Wealth Fund include South Yorkshire Mayoral Combined Authority, Liverpool City Region Combined Authority, and North East Mayoral Strategic Authority.
