Almost two years on from the signing of a £110 million Mid Wales Growth Deal, the first slice of funding has been released.

In January 2022, an investment of £110m over 10 to 15 years was agreed from both the UK and Welsh governments, with the expectation to leverage further public and private investment with an overall combined investment of £400m to deliver the Mid Wales Growth Deal, which aims to create up to 1,400 jobs in the region.

Now, £4m has been released, which Ceredigion and Powys county councils say will enable the progress of projects in developing their business cases.

In a joint statement, Powys council leader Cllr James Gibson-Watt and Ceredigion council leader Cllr Bryan Davies said: “This is a fantastic development and huge milestone for mid Wales – knowing that the money has finally come into the region and will make a positive difference on our economic landscape is a reason to celebrate.

“It reinforces the Governments trust in us to deliver on creating new jobs, increasing productivity, and attracting funding to the region.

“This also reinforces our relationship with the Growth Deal project proposals and programmes and our commitment to help them achieve their objectives.”

A series of planned assurance reviews have taken place to ensure the portfolio of projects and programmes are on track to meet key objectives.

The Growing Mid Wales team are working alongside the project sponsors to see their business cases progress so that they are a step closer to receiving the funding.

Welsh Secretary David TC Davies said: “I’m delighted to see progress on delivering the Mid Wales Growth Deal with the release of this funding. There is potential for this deal to transform the economy of mid Wales and the lives of many people who live there.

“The UK Government is proud to work with our partners in Welsh Government and Powys and Ceredigion councils.

“This is an important first step in driving prosperity and creating new jobs and opportunities in the region.”

Welsh Government economy minister Vaughan Gething added: “This is a significant milestone underlining our commitment to growing the economy in mid Wales.

“Government funding for the deal must be a catalyst for wider engagement and investment by stakeholders including the private sector to bring about transformational change for businesses and local communities.

“I am eager that our regional partners now maintain the pace and bring forward proposals that can address key challenges, make the most of mid Wales’s strengths and contribute to our vision for a more prosperous, fairer and greener Wales.”