The government has announced a £25m grant for the Welsh Development Agency, to secure Britain’s biggest ever inward investment, the new Lucky Goldstar factory in Newport.
A spokesman for the WDA confirmed that around £20m of the increased grant would go towards building the Korean electronics giant’s proposed £1.5bn plant. The balance will go to the Urban Investment Grant Scheme.
Speaking in the House of Commons, Secretary of State for Wales William Hague said in response to a question from Plaid Cymru’s Dafydd Wigley (Caernarfon):
“I am increasing the Welsh Development Agency’s base programme for the current year – for this financial year from £121m to £137.1m.” He added that this represented “an increase of £25m in central Government provision and of nearly £12m in the receipts which the agency can generate”.
PA News (Parliament) 05/11/96
