Further to OQ60102, will the Minister outline how much of the remaining £19 million, as of September 2023, in the Wales Business Fund has been allocated for spend and on what?
The Wales Business Fund established in 2016, is mainly capitalised by ERDF grant capital (£186m), alongside a minority Welsh Government Financial Transactions capital allocation of £30m. Since launch to end of September 2023, the Fund has invested £210.7m and supported the creation and safeguarding of 8,548 jobs.
In April 2023, the Development Bank of Wales agreed to take an additional £12m of funding to maximise the deployment of EU funding in Wales before the end of the EU Structural Funds Programme at the end of 2023.
This financial year to date, £13.7m has been invested from the Wales Business Fund with a remaining balance at the end of September of £5.3m available to invest before the end of the calendar year.
The Development Bank of Wales is prioritising eligible dealflow to the Wales Business Fund and will continue to do so until the end of December. The pipeline of opportunities for loan and equity investments is encouraging and all efforts are being made to ensure the maximum amount of funding is committed.
DBW is an arm’s length body and Welsh Ministers do not take part in day-to-day operational matters, commercial matters, or decision-making.