Businesses in mid and west Wales have seen £323m in funding from the Development Bank of Wales since its launch - figures show - as the project celebrates the milestone of £1 billion invested since 2017.

Of the £1bn, £323.4m has gone to 1,399 businesses in mid and west Wales, unlocking a further £143.2 million in private sector co-finance.

In total, 4,699 different businesses throughout Wales have benefitted from 5,184 investments by the Development Bank since 2017.

This includes £89 million for 292 innovative tech ventures, and £275 million for Welsh property developers to build 2,302 new homes.

Rebecca Evans, the Welsh Government Cabinet Secretary for Economy, Energy and Planning, said: “If companies are to grow, it’s vital they can access finance.

“Since we set up the Development Bank in 2017, it has acted as a social impact investor, making sure its investments support our priorities, from encouraging entrepreneurship to building a greener economy.

“Reaching the £1 billion milestone makes me proud of the Bank’s role in driving economic development.

“By securing 50,000 jobs, the Bank shows how targeted investment can open up opportunities and support inclusive communities across Wales.”

First Minister Eluned Morgan said: “The Development Bank is part of the support we offer for companies that want to expand and innovate.

“Wales is a great place to set up a business or invest in projects and this is part of the message I shall be sharing with delegates from across the globe at the Wales International Summit in December."

Since its establishment, the Development Bank has supported businesses across growth stages including 3,675 businesses with £428 million in growth funding, as well as fuelling Welsh entrepreneurship, with 787 start-ups receiving £61 million in support.

It has also funded 341 succession deals, worth £138 million.