What is the Welsh Government doing to ensure the Global Centre of Rail Excellence can be completed?
Answered by Cabinet Secretary for North Wales and Transport
| Answered on 09/05/2024
- The Global Centre of Rail Excellence (GCRE) is progressing its plan to bring private sector investment into the company, GCRE Ltd. With Welsh Government and public funding already in place, GCRE is seeking investment to help fund the innovation facility to completion and support the wider commercial potential of the 700 hectare site.
- Welsh Government finance to date has enabled the GCRE company to complete land acquisition for the project, undertake preparatory earthworks and wider development work to take a high quality de-risked proposition to the open market to help secure private investment. My officials continue to work closely with GCRE to help ensure it is in the strongest position to secure private investment to progress to complete the project.
- The investment process is due to conclude in financial year 2024/25, when GCRE is planned to move from its current stratus as wholly owned by the Welsh Government to majority owned by a private sector partner.