Cardiff Capital Region is set to strengthen its investment pipeline and attract further private capital through a new official strategic partnership with the National Wealth Fund.
The agreement with the UK’s Public Finance Institution and national wealth fund represents an opportunity to accelerate investment, infrastructure development and economic growth across South East Wales.
It will give Cardiff Capital Region direct access to the National Wealth Fund’s investment knowledge, expertise and capital. This will support the development of investable project pipelines, help attract public and private finance and enable the delivery of infrastructure needed to create high value jobs.
Similar partnerships are already providing advisory guidance and support to projects including 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.
Cardiff Capital Region will work closely with the National Wealth Fund, Welsh Government and its ten constituent local authorities to align national investment and capacity with the region’s ambitions, assets and economic opportunities.
The partnership will reflect a distinctive ‘Welsh way’ of maximising public investment through collaboration between UK, Welsh and local government.
It builds on the region’s recent economic regeneration activity, including the Strategic Premises Fund and Northern Valleys Initiative. More than £115M from these funds is being used to create high-quality business and industrial spaces where local firms can scale.
Speaking of both the powerful and practical opportunity for the region, Cllr 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.
“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. We look forward to working closely with the National Wealth Fund, Welsh Government and our founding local authority partners to turn ambitious plans into deliverable projects that create long-term prosperity for our residents.”
Meanwhile, 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.
“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.”
The Strategic Partnerships model is being provided through the National Wealth Fund’s Regional Project Accelerator programme.
It is designed to create deeper, longer-term relationships with local leaders, bringing the Fund’s expertise together with local knowledge to support projects that can improve infrastructure and unlock major development opportunities.
The National Wealth Fund will continue to extend the Strategic Partnerships model to other Mayoral Strategic Authorities and City Regions over time, while focusing its support where it can make the greatest impact.
Speaking in recognition of the ten years of partnership working that has underpinned the breakthrough, Kellie Beirne, Chief Executive, 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. It is another demonstration of what the Cardiff Capital Region can achieve as a force for Wales.”
Oliver Holbourn, CEO of the National Wealth Fund, 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.”
