Welsh Ministers agree £16.5m for future regeneration projects

Ministers have confirmed £16.5m will be released for regeneration projects across Wales in the coming year.

Following the publication of the Public Accounts Committee’s report into the Regeneration Investment Fund for Wales, it has been agreed that the funding will be transferred from RIFW to the Welsh Government intended to be invested in future regeneration projects in line with the Welsh Infrastructure Investment Plan priorities.

The funding will be used to help to create jobs, increase housing supply and improve community facilities across Wales, although decisions on specific regeneration projects will be taken by the next administration following May’s elections.

The Welsh Government has also confirmed the anticipated approval of Cardiff’s Local Development Plan later this week will trigger contractually agreed payments on a former RIFW site in Cardiff, which based on current valuation, will result in a separate future funding boost of more than £11m.

This is also in addition to £5m expected to be generated from another former RIFW site in Monmouth.

The Minister for Communities Lesley Griffiths said:

“Today’s PAC report marks the final chapter in the investigations around RIFW. We are now in a position to take steps to release this significant funding to benefit community regeneration projects across Wales.

“The triggering of further contractual payments in Cardiff and Monmouth should also generate significant additional funding for investment during the next Assembly term.”

The Welsh Government will study today’s report in detail and respond in full before the end of this Assembly term.