Mid Wales Growth Deal
The Mid Wales Growth Deal plays a key role in catalysing economic recovery and growth in the Mid Wales economy, with the aim of supporting job creation and increasing productivity and wider societal and environmental ambitions.
The Deal is set within the broader Vision for Growing Mid Wales, and will play a key role alongside a range of other strategies and investments from the public and private sector to bring prosperity to the communities and businesses of the region.
In December 2020, both Governments together with Ceredigion and Powys County Councils signed the Heads of Terms of a £110m Growth Deal - casting the commitments of all parties to work in partnership to deliver a Deal to support the Mid Wales economy.
The Growth Deal Portfolio
The Growth Deal is being brought forward in the form of a Portfolio, and work is underway throughout 2021 to develop the Portfolio Business Case that will underpin the next milestone (Full Deal Agreement).
The Portfolio is being scoped from the 8 broad strategic growth priority areas that were outlined in the Vision for Growing Mid Wales:
The Portfolio development approach necessitates the consideration of a wide range of options and priorities, before agreeing to any programme or projects. It also means that the Portfolio is reviewed on a regular basis - to ensure that what is being delivered is relevant to the economic needs of the region. This means that the Portfolio will contain a number of programmes and projects that will be developed - but they will need to align to the Strategy and deliver transformational change for the Mid Wales economy.
The formative programme areas are currently being scoped, with further feasibility studies nearing completion in Spring 2021. These will be published on the website, and will be subject to engagement with key stakeholders as they are developed and to determine the next steps.
The development of the Portfolio is governed by a number of stakeholder groups - outlined in the Governance section of the website. This includes regular updates and engagement at key stages with broader groups and interests, to ensure that the development of the Deal is done so with strong input and steer throughout. This includes strategic advice and steer from the private sector through the Economic Strategy Group.
Is there an opportunity to get involved?
Yes, at all times. The Portfolio-led approach means that the region can consider strong, mature proposals at any time. Proposals however need to demonstrate a strong alignment with the Strategy, and the objectives and criteria set out in the Portfolio Business Case.
The Growth Deal is not a grant fund, it is a capital programme of funding that requires significant development work upstream of any funding decisions. The Strategy and Portfolio documents set out the region's objectives and criteria for developing programme and project proposals, with a clear rationale and evidence baseline behind it.
There is no capacity/development funding available to develop project proposals. Due to the nature of the funding requirements, we can only look to support robust proposals that offer significant economic outputs aligned to the Strategy and criteria set out in the Portfolio.
The Growth Deal is expected to run for a period for a number of years - and the economy, society and businesses in the region will change during that time. The Portfolio will be regularly reviewed, to ensure the right mix of programme and projects are being developed and delivered. The door is always open for good proposals, and the Portfolio approach ensures that there is a mechanism to identify the appropriate funding channels for ideas coming forward on a continual basis.
A regional Portfolio Management Office (PMO) will be established in Summer 2021, and this will be the single point of contact for all enquiries in relation to the Deal. In the interim, anyone interested in the Deal is encouraged to get in touch with the interim team as advised in the 'Contact Us' section of this website.
Further information on the Deal will be published on this website as it develops. If you are interested in keeping abreast of the decision-making behind the Deal, the Growing Mid Wales Board papers are all available online.