The Welsh Government on 22 May 2012 has announced it plans to invest £15 billion (RM74.24 billion) in Wales’ infrastructure over the next 10 years.
Finance Minister Jane Hutt launched the ‘Wales Infrastructure Investment Plan for Growth and Jobs’ in the Senedd.
This plan set out a clear outline of major infrastructure projects and “innovative financing options” to pay for them, including looking to institutional investors, particularly pension funds and the European Investment Bank.
The need to search for new investments follows a 40% cut to her capital budget by the UK Government.
Welsh Government capital investment is not only essential to maintaining and developing public sector infrastructure – it is also important for the level of demand and activity in the Welsh economy to promote growth and jobs.
The cut in capital budgets of around £1billion (RM4.95 billion) in real terms from its peak is predicted to have a major impact on activity in the Welsh economy, which remains fragile.
This plan outlined prioritise, scope, and coordinate delivery of our major infrastructure investments, whilst making a significant contribution to the long term economic, social and environmental wellbeing of people and communities in Wales.
The Plan, a vision for the future and a set of strategic investment priorities which will support delivery of that vision and guide the investment of more than £3.5 billion (RM17.32 billion) over the next three (3) years.
These investment priorities, which reinforce the Programme for Government and the Welsh Government’s focus on growth and jobs that will work on improving transport networks, in particular east-west links in North and South Wales and improving telecommunications networks.
Also taking into account is the aspect of supporting the development of the energy industry in Wales as well as investing in housing, giving adequate attention on delivering more efficient and economical public services as well as improving the quality of the educational and developing enterprise zones.
For 2012-13, a total amount of £44 million (RM217.56 million) of new investment which are :
• £2.7 million (RM13.36 million) for M4 junction improvements.
• £3 million (RM14.85 million) for NEST and £2 million (RM9.9 million) for arbed benefiting an extra 1, 000 homes.
• £6 million (RM29.7 million) to expand the successful Welsh Housing Partnership, levering in an investment of £30 million (RM148.47 million) in total to deliver 280 family homes for intermediate rent.
• £5 million (RM24.75 million) to double the size of the recyclable empty homes fund, contributing to our target of bringing 5,000 empty homes back into use during this Assembly term.
• £4 million (RM19.8 million) to accelerate essential flood protection schemes, reducing the impact of flood and coastal erosion on our communities.
• £6.8 million (RM33.65 million) to accelerate major hospital projects at Ysbyty Glan Clwyd and Llandough.
• £500k (RM2.47 million) to deliver premises for domestic abuse ‘One Stop Shops’ in Pembrokeshire, Swansea and Gwynedd.
• £5 million (RM24.75 million) to support schools projects in in Lampeter, Denbighshire, Abercynon and Penarth.
• £3 million (RM14.85 million) for the new Cardiff City Centre post-16 campus.
• £3.5 million (RM17.32 million) to support essential infrastructure work for the Northern Gateway site in the Deeside Enterprise Zone.
• £2.5 million (RM12.37 million) to boost the Welsh Economic Growth Fund.
Source : Welsh Government Website, Wales Online and iTV News
(this article written for 1BINA.my)