- Posted by: Mike Hedges MS
- Category: Latest News
Two new innovative finance schemes that will result in half a billion pounds of additional infrastructure investment were announced by the Welsh Labour Government’s Finance Minister Jane Hutt today. The two schemes are:
• A non-dividend investment mechanism to invest around £300m in sections 5 and 6 of the A465, which will deliver a full dual carriageway before 2020. By using a non-dividend investment programme, the Welsh Government will ensure that the investment attracts competitive, private sector funding and expertise, while transferring risk. Further details on this scheme will be announced in due course.
• The Welsh Labour Government will inject around £200m of investment into the 21st Century Schools Programme between 2014-15 and 2016-17 by extending the Local Government Borrowing Initiative. This means that the Programme will be delivered in full by 2018-19, two years ahead of schedule. It will provide additional revenue funding to all twenty-two local authorities to help them address ongoing revenue pressures, allowing them to switch resources to self-finance investment in the 21st Century Schools Programme.
Despite the cuts being imposed on Wales by the UK Government, the Welsh Government remains determined to invest in infrastructure across Wales. Added to the £220m of additional capital investment included in the Welsh Government’s Budget for 2013-14 means that almost three quarters of a billion pounds is being invested in the schools, hospitals and roads while also providing significant support to the construction industry and providing much needed jobs.