The Cardiff Capital Region has entered a new strategic partnership with the UK Government's £28bn National Wealth Fund to support its investment and growth agenda. The announcement builds on similar partnerships launched in October last year with Greater Manchester Combined Authority, Glasgow City Region, West Midlands Combined Authority and West Yorkshire Combined Authority.
The partnership will give the statutory body – made up of the ten local authorities of south-east Wales – direct access to the National Wealth Fund's investment knowledge, expertise and capital. This is intended to help develop and grow project pipelines, attract public and private finance, and deliver key infrastructure to support growth and create high value jobs.
What the partnership means for the region
Projects already receiving advisory guidance and support through similar partnerships include Clyde Metro in Glasgow City Region, The Sports Quarter in the West Midlands, a new zero-emission bus fleet in Greater Manchester and Mass Transit in West Yorkshire. The fund is not barnetised, meaning it operates as a single national entity rather than being allocated per region.
Mary Ann Brocklesby, chair of Cardiff Capital Region, said: “This strategic partnership with the National Wealth Fund is a show of confidence in the region to accelerate the development of genuinely game-changing projects that will drive sustainable economic growth across our region and to the benefit of the nation and local communities.”
Local leaders welcome the announcement
Brocklesby added: “By combining our deep understanding of local opportunities with the Fund's investment expertise and capital, we can strengthen our pipeline of investable projects, unlock private sector investment and deliver the infrastructure needed to support thriving communities, better connectivity and high-quality jobs.” She said the region looks forward to working closely with the National Wealth Fund, Welsh Government and founding local authority partners to turn ambitious plans into deliverable projects that create long-term prosperity for residents.
Secretary of State for Wales Stephen Kinnock said: “The Prime Minister and Chancellor are committed to delivering good growth and jobs in every Welsh postcode. This will come from empowering regional leaders and supporting modern industries to unlock opportunities for our communities.”
National Wealth Fund commitment to regional growth
Kinnock continued: “The new partnership between the UK Government's National Wealth Fund and Cardiff Capital Region will help boost the Welsh economy by driving investment into infrastructure, regeneration and the jobs of the future.”
Kellie Beirne, chief executive of Cardiff Capital Region, said: “I welcome forming a strategic partnership with the National Wealth Fund. By connecting national investment capacity with the ambition and opportunities across all ten areas in our region – and working in the Welsh way, collaboratively with UK, Welsh and local government – we can unlock private capital, accelerate delivery and make a bigger collective impact for our economy, communities and places.”
Chief executive of the fund, Oliver Holbourn, said: “To unlock the UK's future we need to grow regional economies. This announcement signals our continued commitment to expanding our partnerships with local leaders across the UK, providing tailored support based on local needs and opportunities, creating jobs and spreading the lasting benefits of investment to the local communities they serve.”
