The UK Government and Welsh Government have now issued draft terms and conditions attached to the release of the first phase of City Deal funding, which is based on the approval of the Yr Egin and Swansea City and Waterfront Digital District projects.
This funding could be released in coming weeks, subject to City Deal partner organisations approving the draft terms and conditions.
Phase one of the Yr Egin project is already up and running at the University of Wales Trinity Saint David’s Carmarthen campus, with a second phase of the development soon planned.
In Swansea, the City Deal project includes a digital indoor arena, a digital village for tech businesses, and a box village and innovation precinct development for start-up businesses.
Cllr Rob Stewart, Chairman of the City Deal’s Joint Committee, said: “This is another step forward in the drive to secure the first phase of City Deal funding, which illustrates the huge progress being continuously made by all City Deal partners behind the scenes.
“Once the draft terms and conditions have been agreed, it’ll be a significant milestone for an investment programme that will turbocharge the regional economy by £1.8 billion and create over 9,000 high-quality jobs for local people in coming years.
“A successful first phase of the Yr Egin development is already up and running in Carmarthen, the first phase of a Marine Energy Test Area was recently launched in Pembrokeshire, and construction work on Swansea’s digital indoor arena will start next month. The first phase of City Deal funding will help back-fund some of the work that’s already taken place, while boosting the City Deal programme as a whole.
“This shows the impact the City Deal is already having across the Swansea Bay City Region, with a number of other transformational projects also making considerable progress.”
A further £18 million of City Deal funding could also be released from both governments by the end of March next year, subject to other City Deal projects being approved by then.
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 Council, Neath Port Talbot Council, Pembrokeshire Council and Swansea Council, in partnership with the University of Wales Trinity Saint David, Swansea University, Hywel Dda University Health Board and Swansea Bay University Health Board.