Work on Growth Deal projects will ramp up after £110 million deal with Governments is signed
Identifying projects to receive part of £110 million investment is set to ramp up, after the Welsh and UK Governments backed the Mid Wales Growth Deal..
The deal is expected to be finalised by March next year, and it is hoped that the legal heads of terms can be completed before the end of 2020.
Talks are continuing with both governments to find out what they want to see as the outcome of their investment.
Mid-Wales Growth Deal Strategic Manager, Carwyn Jones-Evans, explained at a meeting of the Growing Mid Wales Board, which is made up of both Ceredigion and Powys County Council cabinets and business representatives, that a “Portfolio Business Case” approach is being taken.
At the meeting on Tuesday, November 10, he also revealed that they had discussed the deal with economist, Joe Flanagan, a leading authority on portfolio business case development and UK treasury adviser.
Mr Jones-Evans said: “We do have an advantage in that we can learn from others regional growth deals.
“Understanding the requirement of governments is still key.
“We have spent some time to be clear on the strategic case, the next phase is what are we going to spend that money on?”
He explained that projects would need to show the UK Government how they would provide jobs and economic growth.
The Welsh Government’s economic targets are different, and he believed they would want to see elements of the Future Generations Wellbeing Act achieved.
Fiona Stewart, Chairman of the Economic Strategy Group which is made up of business people, said: “We need to be very clear on the targets that these projects need to deliver so that the ESG understand that there will be things we are presented, that may not seem to be business pertinent.”
Ms Stewart who is the Managing Director of the Green Man Festival added that projects may need to have some sort of point system attached to them to explain how they meet the objectives.
Ceredigion County Council Leader, Councillor Ellen ap Gwynn, said: “There’s a lot of work gone in to develop the portfolio already, it’s a live document and it will change over time depending on circumstances.”
