Key documents that will lay the foundations of how the Mid Wales Growth Deal will be further developed and delivered have been supported by the Growing Mid Wales Board.
The Board was asked to consider initial drafts of key documents that begin to set out in detail how the Deal will be developed as a Portfolio Business Case, and approve the foundations in which Programme and Project proposals can be further explored and developed.
In a joint statement, Cllrs Rosemarie Harris and Ellen ap Gwynn said:
"Robust documentation is required to ensure the growth deal delivers on the region's ambitions for the next 10-15 years. These documents are initial drafts, which will be developed further over time.
"We have learnt from other regional growth deals the importance of having clear criteria to deliver our ambitions. The process clearly set out by both Governments consistently has been: strategy, portfolio, programmes and then projects. The documentation and progress agreed today outlines the clear progress the region has made from launching the strategy in May 2020 (Vision for Growing Mid Wales) and achieving Heads of Terms within the same year, and today we mark another stepping stone in the Deal's development by agreeing the direction of travel on the Portfolio - so that Programmes and Projects can now come forward at pace."
"The Portfolio approach means that good, established project proposals that fit with the Deal's criteria and objectives can be considered at any time. The strategy has been set out, and today the initial detail of the Portfolio and the key criteria have been agreed. Anyone looking to propose a project that can significantly contribute to the economic infrastructure needs of our region are invited to speak to the team. Delivering the Deal over many years will require a strong team effort across our region, and the Portfolio approach means that the door is always open to good proposals".
Significant work is now underway in developing the Deal according to the requirements set out by Government. Feasibility studies are underway in a number of programme-areas that have been identified by our businesses as being of particular importance to Mid Wales - Digital Connectivity, Sites and Premises, Applied Research and Innovation, Energy and Hydrogen. The outcome of these studies will be widely engaged and consulted upon in the coming months.
In December 2020 the Growth Deal reached a significant milestone with the signing of the Heads of Terms by the Welsh Government, UK Government and the region's local authorities, Powys and Ceredigion.
The signing demonstrated a commitment by both governments and the local authorities to work together to deliver a deal to support the economy of the region and unlocked an initial commitment of £110m in investment.
Last week the UK Government announced it was accelerating its share of funding for the deal, with £5.5m per year from 2021/22 for ten years instead of £3.66m per year over 15 years.
For further information on the Growth Deal, and how to get involved, please visit the website: www.growingmid.wales