Welsh Government doubles funding for regional economy development

Local organisations and businesses are being encouraged to apply for an innovative Welsh Government fund aimed at ensuring prosperity is shared more evenly across the nation.

Wrexham Assembly Member, Lesley Griffiths has welcomed the decision to double the Foundational Economy Challenge Fund to £3 million and hopes Wrexham-based projects will capitalise.

The fund will aim to develop Wales’ regional economy by offering support of up to £100,000 for experimental projects to test how the Welsh Government can best help nurture and grow the foundations of our local economies.  Best practices and approaches that prove to be the most successful will then be shared nationwide.

The foundational economy provides those basic goods and services we all use every day.  Care and health services, food, housing, energy, construction, tourism and retailers on the high street are all examples of the foundational economy.

Lesley Griffiths AM said: “We undoubtedly live in challenging times, with people arguably feeling more alienated, disconnected and frustrated with politics than ever before.  The Welsh Government believes the difficulties we currently face have stemmed from the undeniable truth that economic growth has been uneven, both in Wales and across the UK.”

“These underlying problems of the Welsh economy have led to people in communities up and down the country feeling left behind and is likely to be an explanation as to why a significant number of people voted to leave the EU.”

“I am pleased the Welsh Government is taking decisive action.  This funding directly addresses the perceived inequalities and will deliver something tangible that stimulates the foundations of our local economies, ultimately making our communities more resilient.”

“Any public, private or third sector organisation is eligible to apply for funding provided their initiative benefits the foundational economy and the services we use every day – I hope people in Wrexham will be able to benefit from the fund.”

Applications for the Foundational Economy Challenge Fund are open until 12 July 2019.

Anyone interested in applying should register their interest by calling 0300 060 3000

By registering, people will be able to attend a surgery with the fund administrators to discuss their project idea in June.