To leverage maximum and economic social benefits from the £495m Cardiff Capital Region (CCR) Wider Investment Fund (WIF), a five-year strategic business plan has been agreed by the CCR Cabinet.
The plan details what is needed to achieve the long-term objectives of the CCR City Deal, outlines the required actions and outcomes, and outlines how the Wider Investment Fund is proposed to be used over the next five years to drive the actions forward.
The CCR City Deal aims to benefit the whole region, which includes the ten local authorities of Blaenau Gwent, Bridgend, Caerphilly, Cardiff, Merthyr Tydfil, Monmouthshire, Newport, Rhondda Cynon Taff, Torfaen and Vale of Glamorgan.
To date, the CCR Cabinet has agreed to invest in two significant projects:
- IQE: In May 2017, the Cabinet agreed to invest £38.5million to support the development of a compound semiconductor industry cluster in the region. Click on the case study below to read more about this investment.
- Metro Central: In January 2018, the Cabinet agreed in principle to commit £40million to support the proposed £180million Metro Central Development, a project that will deliver a new Central Transport Interchange at the heart of Cardiff’s city centre Core Employment Zone
In addition,in March 2018, the UK Government’s Department of Digital, Culture, Media and Sport approved the CCR bid for £6million of funding from the Local Full Fibre Wave 2 Challenge Fund to enable improved digitial connectivity in South East Wales. The projects will include exploring the case for direct international connectivity; investment in the mobile infrastructure across 4G and 5G technologies; increasing Wi-Fi connectivity across the region; and making the CCR a state of the art open data region.