What discussions has the Cabinet Secretary had with the Development Bank of Wales regarding developing new loan or investment products tailored to defence technology SMEs?
The First Minister met with the Chief Executive of the bank on 11 September and as part of their discussions the issue of support to the defence sector was raised. At this stage I remain satisfied that the flexibility inherent in the current suite of funds means those funds remain fully relevant to the sector.
I hold regular meetings with the Chair and Chief Executive of the bank, and the bank is proactive in bringing forward proposals for new fund proposals where the existing suite of funds are not able to address business needs. Leveraging their close ties with businesses and advisors across Wales, the bank is well positioned to identify emerging needs and co-design solutions where appropriate.
The Development Bank will remain responsive to new opportunities, including potential opportunities arising from initiatives such as the UK Government’s Defence Growth Partnership. I met with the new UK Minister for Defence Procurement at DSEI to progress discussions on the development of a Defence Growth Deal for Wales.