Introduction
The Mid Wales Growth Deal plays a key role in catalysing economic recovery and growth in the Mid Wales economy, with the aim of supporting job creation and increasing productivity and wider societal and environmental ambitions.
The Deal is set within the broader Vision for Growing Mid Wales, and will play a key role alongside a range of other strategies and investments from the public and private sector to bring prosperity to the communities and businesses of the region.
In December 2020, both Governments together with Ceredigion and Powys County Councils signed the Heads of Terms of a £110m Growth Deal. In January 2022, the Final Deal Agreement of the Mid Wales Growth Deal was signed by the Welsh Government, UK Government and the region's local authorities, Ceredigion County Council and Powys County Council. These mark the commitments of all parties to deliver a Deal to support the Mid Wales economy.
Investment Objectives
The following indicative investment objectives* were developed for the Mid Wales Growth Deal through the development of the Strategic Portfolio Business Case v1.0 which states that by 2032 the Growth Deal aims to deliver:
- Total capital investment of £280-400 million
- 1,100 to 1,400 net additional FTE jobs
- £570-700 million in net additional Gross Value Added.
*figures subject to change as project and programme business cases develop.
The film below highlights the programmes and projects being supported by the Mid Wales Growth Deal(click on the image to be directed to the Growing Mid Wales YouTube channel):
The Growth Deal is being brought forward in the form of a Portfolio. In September 2021, the Growing Mid Wales Board approved the Portfolio Business Case. The Portfolio's framework for the Growth Deal and initial set of Programmes and Projects were reviewed by the UK and Welsh Government.
The Portfolio has been scoped from the eight broad strategic growth priority areas that were outlined in the Vision for Growing Mid Wales:
The Portfolio development approach considers a wide range of options and priorities before agreeing to any programmes or projects. It also means that the Portfolio is reviewed on a regular basis - to ensure that what is being delivered remains relevant to the economic needs of the region. This means that the Portfolio will develop a number of programmes and projects which align to the Strategy and deliver transformational change for the Mid Wales economy.
Currently the shortlisted set of Programmes and Projects within the Portfolio Business Case cover a range of investment proposals across a number of themes - digital, tourism, agriculture food & drink, research & innovation and supporting enterprise.
Further feasibility studies on the programme areas will be published on the website so they can be be subject to engagement with key stakeholders as they are developed to determine the next steps. For example, the innovative feasibility study, which explores the future hydrogen potential for Mid Wales.
The development of the Portfolio is governed by a number of stakeholder groups - outlined in the Governance section of the website. This includes regular updates and engagement at key stages with broader groups and interests, to ensure development is done so with strong input and steer throughout. To guarantee the success of the Growth Deal will be a collective endeavour across all regional partners, with strong private sector input. A new Economic Advisory Group (EAG) consisting of senior, experienced business leaders has been established, to ensure there is continued advice and guidance to enable the Deal's potential to be maximised.
Is there an opportunity to get involved?
Whilst the Portfolio is currently proceeding with a set of initial proposals, there may be an opportunity for other proposals to be considered therefore we would encourage you to discuss any proposals with your Local Authority Economic Development team in the first instance. Proposals need to demonstrate a strong alignment with the Strategy, and the objectives and criteria set out in the Portfolio Business Case.
The Growth Deal is not a grant fund, it is a capital programme of funding that requires significant development work upstream of any funding decisions. The Strategy and Portfolio documents set out the region's objectives and criteria for developing programme and project proposals, with a clear rationale and evidence baseline behind it.
There is no capacity/development funding available to develop project proposals. Due to the nature of the funding requirements, we can only look to support robust proposals that offer significant economic outputs aligned to the Strategy and criteria set out in the Portfolio.
The Growth Deal is expected to run for a period for a number of years - and the economy, society and businesses in the region will change during that time. The Portfolio will be regularly reviewed, to ensure the right mix of programme and projects are being developed and delivered. The door is always open for good proposals, and the Portfolio approach ensures that there is a mechanism to identify the appropriate funding channels for ideas coming forward on a continual basis.
A regional Portfolio Management Office (PMO) was established in Summer 2021 to deliver the Growth Deal. To get in touch with the team please see the 'Meet The Team' section of this website.
Further information on the Deal will be published on this website as it develops. If you are interested in keeping abreast of the decision-making behind the Deal, the Growing Mid Wales Board papers are all available online.
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