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Wales poised for massive £1.3bn investment in new infrastructure

The Welsh Government is set to invest over £1.3bn in transport, hospitals, schools and other major infrastructure projects in this financial year, the first minister of Wales Carwyn Jones announced today.

Jones said the investment underpinned the government’s commitment to boosting the economy and comes despite a 42.6% real terms cut in the government’s capital budget over the next four years. Jones added that the government was currently working on a Welsh Infrastructure Investment Plan in order to firm up its priorities.

“The plan will identify key infrastructure priorities in Wales; enable the prioritisation between infrastructure sectors so that we optimise value for money and positively encourage the private sector to invest in Wales by providing greater clarity and certainty of our medium-term and longer-term investment priorities,” Jones said.

Jones will convene a meeting of the Welsh Government’s Council for Economic Renewal on Wednesday, which will co-ordinate efforts in stimulating the economy.

Back in March, the Welsh Government announced the major projects that have been progressing throughout 2011 and 2012. These planned capital investments will reach £780M this financial year. They include:

  • £144M in education
  • £259M in health & social services
  • £95M in business, enterprise, technology & science
  • £234M in transport
  • £46M local government

Another £100M was announced to support central departmental priorities and £700M will be provided for health over the next three years.

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