Welsh MEP Derek Vaughan has welcomed the European Commission’s approval of the new European Regional Development Fund (ERDF) for Wales which will see £960m in EU funds help to boost the economy and create jobs in West Wales and the Valleys.
A further £162m will go to East Wales taking the total ERDF funding for Wales to £1.1 billion.
Mr Vaughan said:
"This is excellent news for West Wales and the Valleys which receive an enormous amount of financial support from the EU.
In fact, Wales is a net beneficiary of EU funds. We receive £70 per person per year more than we put in.
Wales depends on this funding. That's why our membership of the EU is so important.
It's a huge mistake to even consider leaving the EU, and the right-wing parties who advocate leaving are clearly not acting in the best interests of constituents across Wales."
The ERDF funding will go towards the following areas:
- £310m for Research and Innovation;
- £198m to boost competitiveness, including through business finance;
- £439m for Connectivity and Urban Development, which includes £252m for transport, including scope to support transformational public transport investments such as the Metro in the Cardiff Capital City Region, and other improvements including the A55 and A40;
- £154m for renewable energy and energy efficiency.
The European Social Fund (ESF) for Wales, worth £804 million, has been ‘agreed in principle’, with formal approval from the Commission expected within the next few weeks. The ESF will focus on supporting skills and helping people into work, bringing the total of EU funding for Wales to around £2bn.