- May 11, 2017
- Posted by: Lesley Griffiths AM
- Category: Latest News
Wrexham will be the base for a major new Welsh Government initiative which will provide support to businesses across the country.
The new Bank of Wales will aim to create and safeguard 5,500 jobs a year.
Having announced at the beginning of 2017 the Development Bank was set to be located in North Wales, the Welsh Government’s Cabinet Secretary for Economy & Infrastructure, Ken Skates AM, has revealed sites in and around the Wrexham area are being ‘actively considered’ for the new headquarters.
Local Assembly Member Lesley Griffiths, who first called for the bank to be located in Wrexham last year, has welcomed the latest announcement.
She said: “As the largest town in North Wales, I want Wrexham to be attracting and creating more highly-skilled jobs and this major investment by the Welsh Labour Government is a real vote of confidence for our town.”
“The decision is particularly welcome as UK Government cuts have seen Wrexham lose out on public sector jobs, best demonstrated by the decision to close the town’s HMRC office in 2021, resulting in 350 jobs being relocated.”
“Not only will it create jobs in Wrexham, but businesses from across the region will be able to take advantage of the additional support and opportunities.”
The Development Bank of Wales will be tasked with providing more than £1 billion of investment support to Welsh businesses over the next five years. Small and medium sized enterprises will have greatly improved access to finance, support services and management advice.
It will create and safeguard over 5,500 jobs a year by 2022 and will be tasked with increasing annual direct investment to £80m by that date.
The Development Bank remains on course to launch later this year.