What assistance is the Welsh Government giving the Global Centre of Rail Excellence in fundraising from private firms?
Answered by Cabinet Secretary for North Wales and Transport
| Answered on 09/05/2024
- In March 2021, GCRE Ltd was established as a wholly owned subsidiary of the Welsh Government (WG) to deliver the Global Centre of Rail Excellence project. Whilst the company is initially a subsidiary of the WG, it has always been the intention that private sector investment is secured to fund the majority of project costs.
- Welsh Government made a commitment of £50m to support the delivery of the project in March 2021. Funding to date has enabled land acquisition, preparatory earthworks and other work to be carried out to de-risk the project sufficiently to attract the private sector to fund the large capital commitment required to deliver the project.
- The negotiations to secure private sector investment and future custom for GCRE are ongoing, with the company and my officials continue to take an active role in driving this project forward.