02 December 2014/Categories: Industry News
The European Commission (EC) has approved Welsh plans for the use of its grants, and will provide the country with £2 billion to realise its plans by 2020.
The European Regional Development Fund will provide £1.1 billion of this funding, with a further £800 million expected to be approved by the European Social Fund in the coming weeks, after the EC approved of it “in principle”.
A significant amount of the funding will be spent on urban transport development and other infrastructure improvements. Finance minister Jane Hutt has also suggested that £252 million could be spent on improving the South Wales Metro, as well as the A44 and A50 in north Wales.
Ms Hutt was pleased by the funding allocations, and said: “This announcement marks a significant milestone for further EU funds to be invested to help deliver on our shared goals across government for sustainable economic growth and jobs."
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