Subject to approval at the four regional local authorities, the UK Government and Welsh Government will release the funding to the investment portfolio in coming weeks
The funding will be used to support the delivery of nine major programmes and projects in Carmarthenshire, Neath Port Talbot, Pembrokeshire and Swansea. Together, these programmes and projects are worth over 9,000 jobs.
The City Deal investment portfolio of up to £1.3 billion is also expected to give the regional economy a boost of at least £1.8 billion, helping attract further investment and raise the City Region’s profile as a centre of excellence for sectors including life sciences, economic acceleration, smart manufacturing and zero-carbon energy.
Cllr Emlyn Dole, Carmarthenshire Council Leader, said: “This funding release news shows the significant progress the City Deal is making, with the investment set to play a key role in the City Region’s economic recovery from Covid-19.
“In Carmarthenshire, projects include the hugely exciting Pentre Awel project in Llanelli being led by the council that’s now been submitted to both governments for final approval, along with the Yr Egin creative and digital hub in Carmarthen being led by the University of Wales Trinity Saint David.
“We’re also leading on a regional digital infrastructure programme that will boost connectivity, while putting the foundations in place to enable the region to benefit from future digital innovation. Along with a Skills and Talent initiative that will put pathways in place for regional people to access the jobs being created, these projects will combine with others to benefit our residents and businesses.”
Cllr Rob Jones, Neath Port Talbot Council Leader, said: “Neath Port Talbot Council has a reputation for renewable energy generation excellence, so our Supporting Innovation and Low Carbon Growth programme due to be part City Deal funded will build on this work by further decarbonising Neath Port Talbot and the City Region, while creating new spaces to support start-ups and indigenous businesses in the innovation and manufacturing sectors.
“We’re also leading on a regional Homes as Power Stations project that will help tackle fuel poverty and boost the environment through the retrofitting and new build of thousands of homes with energy-efficiency technology.
“The City Deal investment will add to everything else we’re to regenerate Neath Port Talbot.”
Cllr David Simpson, Pembrokeshire Council Leader, said: “The Pembroke Dock Marine project being part City Deal funded – which has already received government approval – will build on an outstanding marine energy cluster in Pembroke Dock to transform Pembrokeshire into a global example of best practice for marine energy innovation. Energy of this kind is vital as part of an ongoing drive to tackle climate change, with the project also set to generate jobs for local people
“Pembrokeshire will also benefit from the three regional City Deal projects, so news of this latest funding release is very welcome as the council continues to work with many partners to ensure our economy is well-placed to recover from Covid-19.”
Other City Deal projects include the Swansea City and Waterfront Digital District project being led by Swansea Council, and the Life Science, Well-being and Sports Campuses project being led by Swansea University.
Funded by the UK Government, the Welsh Government, the public sector and the private sector, the Swansea Bay City Deal is being led by Carmarthenshire County Council, Neath Port Talbot Council, Pembrokeshire Council and Swansea Council, in partnership with Swansea University, the University of Wales Trinity Saint David, Swansea Bay University Health Board and Hywel Dda University Health Board.