Businesses across Wales are set to reap the benefits of up to £3 billion in European Union funding.

West Wales and the Valleys has become the first region in Britain to have its EU Structural Fund programme legally adopted, leading the way for massive investment during the period 2007 to 2013.

Around £570 million will be ploughed into a Convergence programme for West Wales and the Valleys, as a successor to the previous Objective 1 funding programme carried out between 2000 and 2006.

The European Development Fund (ERDF) will also provide an additional £856 million to support research and innovation, tackle climate change, and regenerate deprived communities.

Other new initiatives in the pipeline include the East Wales Regional Competitiveness scheme and an Employment programme.

Announcing the windfall in Swansea, First Minister Rhodri Morgan, said:

“We are now in a position to move forward with a seven-year plan to continue Wales’ transformation into a dynamic, thriving nation.

“In line with the Lisbon and Gothenburg agendas of sustainable jobs and growth, we will be taking action to encourage full employment with quality jobs, as well as helping to ensure the growth and expansion of our businesses.”

Ieuan Wyn Jones, Deputy First Minister and Minister for the Economy and Transport, said:

“Our aim is to ensure that Wales continues to progress towards competitive, sustainable economic development.

“We want to create long-term, high quality jobs as well as providing the right environment to enable businesses to flourish and expand.”

The first round of projects set to benefit from the funding are due to be approved within the next couple of months.

Previous rounds of European Structural funds had seen more than £1.5 billion allocated in Wales to almost 3,000 separate projects.

Source: Welsh Assembly Government, 20/09/2007

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