The National Wealth Fund has agreed to enter into strategic partnerships with Cardiff Capital Region, South Yorkshire Mayoral Combined Authority, Liverpool City Region Combined Authority, and North East Mayoral Strategic Authority, marking the next phase of its work with local and regional leaders to accelerate major growth across the UK.
The four new partnerships will give more areas direct access to the National Wealth Fund’s investment knowledge, expertise and capital, to help develop and grow project pipelines, attract public and private finance and deliver key infrastructure to support growth and create jobs.
The announcement builds on the Fund’s strategic partnerships launched in October last year with Greater Manchester Combined Authority, Glasgow City Region, West Midlands Combined Authority and West Yorkshire Combined Authority. Since then, the Fund has worked closely with these partners, helping to identify and develop investment opportunities in priority areas, including place-based regeneration, transport and clean energy infrastructure. Projects already receiving advisory guidance and support through these 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 Strategic Partnerships model, provided through the National Wealth Fund’s Regional Project Accelerator programme, demonstrates the value of deeper, longer-term partnerships with local leaders, bringing the Fund’s expertise together with local knowledge to support projects that can improve local infrastructure, open up development opportunities and help places attract investment. The Fund will continue to explore further opportunities to extend the Strategic Partnerships model to other Mayoral Strategic Authorities and City Regions over time, while continuing to focus support where it can make the greatest impact.
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 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.”
Cllr Mary Ann Brocklesby, Chair of Cardiff Capital Region (CCR) said:
“This strategic partnership with the National Wealth Fund represents a significant opportunity for Cardiff Capital Region to accelerate the development of transformational projects that will drive sustainable economic growth across our region and to the benefit of the nation.
“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 partners to turn ambitious plans into deliverable projects that create long-term prosperity for our 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.
“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.”
For more information on the National Wealth Fund’s Regional Project Accelerator and Strategic Partnerships visit Local government support.
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