The five-year strategic plan to leverage maximum economic and social benefits from the £1.2 billion Cardiff Capital Region (CCR) City Deal fund has been formally approved.
The members of all 10 local authority partners approved the strategic business plan, which details what is needed to achieve the long-term objectives of the CCR City Deal, outlines the required actions and outcomes of the CCR City Deal, and how the £1.2bn ‘Wider Investment Fund’ will be used over the next five years to drive the actions forward.
The business plan was approved by the CCR Regional Cabinet comprising the 10 local authority leaders in February, subject to approval from the members of each of those authorities. All 10 authorities have now debated, voted, and approved the plan.
The CCR City Deal aims to benefit the whole region, which includes the ten local authorities of Blaenau Gwent, Bridgend, Caerphilly, Cardiff, Merthyr Tydfil, Monmouthshire, Newport, Rhondda Cynon Taff, Torfaen and Vale of Glamorgan. The City Deal was formally signed by the ten leaders of the local authorities on March 1, 2017.
Of the £1.2billion City Fund, £734million has been committed to support the South East Wales Metro.
The Regional Cabinet of the 10 local authorities’ leaders have agreed two significant investments already.
In May 2017, the Cabinet agreed to invest £37.9 million to support the development of a compound semiconductor industry cluster in the region.
The project is expected to leverage up to £375 million of private sector investment over the next five years, and the creation of up to 2,000 high value, high-tech jobs, with the potential for hundreds more in the wider supply chain and cluster development.
In January, the Cabinet agreed to commit £40 million to support in principle the £180 million Metro Central Development, a project that will deliver a new Central Transport Interchange at the heart of Cardiff’s city centre Core Employment Zone.
Councillor Andrew Morgan, Chair of the CCR Regional Cabinet and Leader of Rhondda Cynon Taff County Borough Council, said: “We are delighted by the overwhelming support for the business plan.
“In total, more than 500 council members from across the South-East Wales local authorities have shown their support of the business plan and formally approved it.
“It is a great step forward for the CCR City Deal and the support for the plan reinforces the idea of collaborative working to encourage economic growth and change.
“The Cardiff Capital Region City Deal is a unique programme of collaborative working which will enable economic change, improved digital and physical connectivity, improved skills and educational opportunities, and regeneration across the region.
“It is an investment in its people, and aims to bring fairness and opportunities for all, no matter where they live in the region.
“It builds on the region’s proud heritage, the beauty of our natural landscape, and the vibrancy of our rich cultural and social life.
“It will enrich lives in other ways too, reforming our public services, provide new, affordable homes, improve family life, and create a workforce which can adapt to the changing needs of the 21st Century.
“To do this, the City Deal partners will work together, with a clear vision of what life and its demands will look like in 20 years’ time, to ensure the Cardiff Capital Region maximizes its potential on a global stage.
“By attracting new investment and growing more successful businesses, by improving our connectivity, by developing our skills and education, we will restore the capital region to its historical role as the “engine room” of the Welsh economy.”
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