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The Strategic Capital Investment Fund (SCIF) represents a step change in the Welsh Assembly Government’s approach to planning and delivering capital investment strategically.
Andrew Davies said:
Today I am pleased to be able to announce the first round of nineteen capital projects that will be taken forward under SCIF. Overall, these projects are expected to receive SCIF investment of around £350m, but this figure will be more than doubled with investment also coming in from existing departmental capital budgets, other parts of the public sector, and the private and voluntary sectors.
The projects are spread across six strategic themes – regeneration, positive lifestyles, climate change, sustainable transport, resilience and skills.
The operation of the SCIF is overseen by a dedicated Cabinet Committee on Strategic Capital Investment, and advised by a new independent expert panel which I have established. The members of the advisory panel bring a wealth of experience of planning, developing, financing and delivering large capital projects and programmes, and have already been able to add considerable value to the development of our investment agenda.
This is an innovative and exciting way of investing in capital projects and brings huge benefits in the current economic climate as a source of funding which we can bring forward quickly to have a real impact. It shows how Wales as a small country can respond rapidly to global economic difficulties.
In addition to the announcements on the Strategic Capital Investment Framework, I am also detailing the first set of projects offered funding from the Assembly Government’s Targeted Match Fund to provide central match funding, as a last resort, to projects seeking support from the 2007-13 European Structural Funds Programmes. In addition to providing support to legacy projects from the last programmes, I have made allocations, totalling over £23m, to six projects.
These announcements, made alongside the final budget, which I have tabled today, are the result of some tough decisions, reflecting the challenging times in which we are now operating, but our approach will ensure that we are best placed to use our resources strategically and imaginatively, and that we maximise the benefit of every Welsh pound for the people of Wales – helping people where it matters most.
2 December 2008
