Rebecca Evans MS, Cabinet Secretary for Economy, Energy and Planning
Following my Oral Statement on 24 February 2026, I am today confirming the Welsh Government and UK Government have reached agreement on a three-year Investment Plan for the Local Growth Fund in Wales.
The Plan sets out how the Welsh Government will invest £547 million of funding from the UK Government to support jobs and growth in the Welsh economy between April 2026 and March 2029.
The funding will support our core aims of raising productivity and reducing economic inequalities through investment in three priority areas:
- more productive and competitive businesses
- increasing skills and supporting people into work
- improving regional infrastructure
The investment will focus on areas with the greatest need to drive productivity growth and reduce inequalities within Wales.
The Investment Plan details the Fund’s allocation methodology, delivery model, governance arrangements and monitoring and evaluation approach.
A Memorandum of Understanding setting out the accountability and governance arrangements relating to this funding provided by the UK Government to the Welsh Government will be published under the Inter-Institutional Relationship Agreement between the Welsh Government and the Senedd.