Cardiff Capital Region projects given green light

Projects which will help shape the Cardiff City Region (CCR) have been given the green light by the CCR Regional Cabinet.

The Framework, launched by the Economic Growth Partnership, focuses on the region’s three priorities, innovation, infrastructure and challenge, enabling maximum leverage of the £495M the Cardiff City Region City Deal has available for investment. It is anticipated the projects approved will result in a further £900M of private sector capital being invested into the region through the approved schemes, with the housing fund alone contributing some £700M of that projected sum.

The projects, all submitted through the Investment and Intervention Framework, will see investments ranging from initial sums totalling £215,000 to progress next steps business cases, through to a £30M commitment of City Deal funding for a Housing Investment fund, and £1.5M to scale up the CCR graduate programme.

The projects include:

• The scaling up and roll-out of a full programme for the CCR Graduate Scheme – an already successful pilot, £1.5M has been committed to scale up to a four-year programme delivering 500 graduate placements. The scheme will now sit within the newly approved ‘Future Ready’ Skills Framework, which aims to co-ordinate the development of all skills, learning and talent development activity for the City Deal.
• The creation of a Housing Investment Fund entitled ‘Homes for all the Region’ – a £45M fund set to deliver up to 2,800 homes for the region, with at least 50% of the fund targeted at the areas of lowest economic competitiveness. Created to complement already established schemes, the Fund will seek a co-investment of £15M from Welsh Government, to support a City Deal investment of £30M.
• The development of a Fibre Provision Programme – as part of a plan to enhance region-wide digital connectivity needed to optimise economic growth, this programme aims to bring the benefits of fibre connectivity to 330,000 premises in core CCR towns and settlements.
• The roll-out of a Wales 5G Programme – The Programme will see the City Deal work closely with Welsh Government and other public, private and HE partners to build on a Rural Connected Communities (RCC) project to scale into 5G Wales. Backed by an approved £5M grant from the Digital, Culture, Media and Sport Committee, matched by £5M private sector contributions, an upfront funding contribution of up to £150,000 has been approved by the City Deal to develop the wider strategy.
• Funding to support the creation of a joint venture Life Sciences Park, Junction 32, Coryton/ Lower Taff Valley as part of the evolution of a Medical Devices and Diagnostics priority cluster.
• Funding for essential design requirements for advancement of Metro Central – £4M of City Deal funding has been approved towards the £10M cost of finalising design work and technical specification for the development of Metro Central. £40M of City Deal funding has already been set aside for the project which is set to see the substantial redevelopment of Cardiff Central Station to the total value of £185M.

Councillor Andrew Morgan, Chair, CCR City Deal Regional Cabinet Committee and Leader of Rhondda Cynon Taff County Borough Council, said: “The calibre of the proposals coming through the Framework highlight just how investable the Cardiff Capital Region truly is. The Economic Growth Partnership has been the absolute catalyst for bringing these momentous projects to fruition, which will create sustainable growth, drive economic inclusion and have the ability to transform our region.

“The projects are absolutely critical in further cementing the CCR as one of the most economically competitive and socially resilient regions within the UK and we look forward to working further with Welsh Government and other private sector organisations as we progress to the next stages.”

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