European structutal funds are working for Wales
Between 2000 and 2007, more than £1.3 billion has been channelled into West Wales and the Valleys through the EU's Objective 1 programme.
Objective 1 has delivered improvements in economic, social and environmental conditions throughout the region. Prosperity has increased, employment and wages are rising more rapidly than the UK average.
In just seven years Objective 1 has:
-
supported 1,700 projects
-
generated total investment of more than £3 billion in the Welsh economy
-
supported the creation of 40,500 new jobs and 1,900 new businesses
-
helped 85,000 unemployed people back into work
Convergence: Continuing the success
Over the next seven years, West Wales and the Valleys will continue to benefit from European cash. Thanks to an EU budget deal reached under the UK Presidency of the EU, around £1.3 billion will be heading to Wales between 2007-13 under the EU's 'Convergence Programme', driving a total investment of more than £3 billion.
The new round of funding will enable Wales to build on the success of Objective 1 - creating more jobs, attracting even more investment and further regenerating our communities. The new programme has a streamlined admininstration and a clear strategic focus on key areas:
-
- creating high-quality jobs and economic growth
-
- investing in developing skills and reducing economic activity
-
- egenerating our mosr deprived communities
-
- contributing to tackling climate change
What about East Wales?
For east Wales there will be a grant allocation of some £97 million driving a total investment programme of well over £200 million.