Wales Regeneration Summit 2009 Creates A Wealth Of Opportunity Despite Current Economy

The Wales Regeneration Summit 2009 has opened in Llandudno with the news that funding has been approved for regeneration projects with a total investment value of more than £19million.

Leighton Andrews, Deputy Minister for Regeneration, has told the conference in his opening address this funding boost from the public sector will enable a number of key projects across Wales get under way.

It also sends out the message he said that despite difficult conditions and testing times the Assembly Government has managed to create a wealth of opportunity and will continue to do so.

The Deputy Minister has announced the £6 million planned restoration and regeneration of Llanelly House, Llanelli, is to get a £2m boost from EU Convergence funding and a project led by Coleg Llandrillo for a Learning Centre in Colwyn Bay is backed by more than £1m from the Assembly Government.

On the same day Ieuan Wyn Jones, Minister for the Economy and Transport, met with the organisations behind the Severn Valley and Blaenau Ffestiniog regeneration projects.

He has announced that these two projects are set to benefit from a combined £9.4m funding package.  The £4.5m project to revitalise and regenerate Blaenau Ffestiniog town centre is to get £3.1m EU Convergence funding and £1.1m from the Welsh Assembly Government.

The £7.5m Severn Valley regeneration project designed to revitalise towns and communities across the area will benefit from £3.3million EU Convergence funding with £1.9m match funding from the Assembly Government.

Leighton Andrews has told an audience of 200 delegates from around the UK the Assembly Government is working to maximise investment where possible by leveraging in private sector funds, European money and utilising vehicles such as the Regeneration Investment Fund for Wales, previously known as JESSICA.

This fund will be primarily targeted at towns and cities throughout Wales with the greatest regeneration need, but will operate throughout Wales.

He said the fund is still on target to launch in summer 2010 and has the potential to make a major contribution to helping Wales come out of the recession.

Once launched it will be able to provide loans and loan guarantees to drive forward physical regeneration projects that are part of a broader holistic plan to deliver integrated sustainable regeneration.

Topics: Assembly Government, Economy, funding, funding boost, Governance, government, recession, regeneration project, revitalize, Summit 2009, Wales

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