A £1.2bn City deal to boost the Cardiff Capital Region (CCR) has been signed.
The 10 leaders of local authorities in the region, secretary of state for Wales Stephen Crabb, chief secretary to the Treasury Greg Hands, and first minister Carwyn Jones signed the deal document in a ceremony at Admiral’s head office in Cardiff.
Key factors of the deal include:
• £1.2bn infrastructure investment through a 20-year investment fund, including the delivery of the South Wales Metro.
• The creation of a non-statutory regional transport authority, in partnership with the Welsh government.
• The creation of a CCR skills and employment board to work with local businesses.
• A £50m investment by the UK government to establish a new Catapult centre in Wales and inject funds into the R&D sector.
• A CCR business organistion enabling businesses to speak with one voice.
• A partnership between the Welsh government and CCR to invest in housing and regeneration.
Both the UK and Welsh governments are contributing £500m to the CCR investment fund respectively.
The 10 local authorities in the CCR will contribute a minimum of £120m over the duration of the fund.
First minister Carwyn Jones said the deal was, “vision become a reality”.
He added: “It is a vote of confidence in the region and a huge economic boost.”
To send feedback, e-mail shekha.vyas@estatesgazette.com or tweet @ShekhaV or @estatesgazette
