City Deal projects to transform the Swansea Bay City Region’s economy
A£1.3bn City Deal for boosting the economy of the Swansea Bay City Region is expected to be agreed in principle on March 1.
It will fund projects covering the local authorities of Neath Port Talbot, Swansea, Carmarthenshire and Pembrokeshire over 15 years.
Also supporting the deal are Abertawe Bro Morgannwg and Hywel Dda University health boards, as well as Swansea University and the University David. of Wales Trinity St The proposed funding consists of:
£241m of capital split between the UK and Welsh governments;
£360m of other public sector funding – through local authority borrowing powers;
£673m of private sector funding. Swansea Bay City Deal
The investment will deliver up to 9,465 new jobs for the region, contributing to an uplift in gross value added (GVA) of £1.8bn. It is based around four strands of:
Internet of economic acceleration; Internet of energy; Internet of life sciences and wellbeing;
Internet of smart manufacturing.
So far 11 projects have been identified.
Although these could change, here are their projected costs and job creation: Life Science and Wellbeing Village = £199.5m Proposed funding breakdown: City Deal funding: £40m; Public sector financing: £32m; Private sector funding: £127.5m;
Gross jobs created years: 1,853.
As part of the wider ARCH (A Regional Collaboration for Health) initiative, a life sciences and wellbeing village is earmarked for Llanelli.
The vision is to put the region at the forefront of life science innovation and be recognised as a “destination of choice” for global investment and enterprise in the fields of life sciences and wellbeing.
Its focus will be on integrating business development, education and wellness initiatives, research and development after 15 and healthcare initiatives. It will include:
An Institute of Life Science which will act as a business and start-up incubator in the life sciences sector;
A wellness hub that will house leisure and sports provision;
An assisted living village providing care for out of hospital patients;
A life sciences and wellbeing centre. Life Science and Wellbeing Campus Network = £45m City Deal: £15m; Public sector financing: £20m; Private sector: £10m; Gross jobs after 15 years: 1,120. The campus network will build on the work on the Institute of Life Science, with innovation hubs and satellite sites created across the region. Digital Infrastructure = £55m City Deal: £25m; Private sector: £30m; A regional digital infrastructure will be implemented to support each of the City Deal’s strategic themes and projects.
The vision is to create a digital infrastructure including gigabit fibre and next generation wireless networks that will enable innovation and entrepreneurship within the region.
It will also include expansion of the provision of 4G and wi-fi capabilities to benefit both urban and rural areas.
There are plans for the region to be a testbed for 5G.
A pipe from a transatlantic broadband cable landing at Oxwich Bay – giving the region some of the world’s fastest broadband speeds with terabyte of power – could be included at future stage. Centre of Excellence of Next Generation Services (CENGS) and Technology Centre = £55m City Deal: £23m; Public sector financing: £5.5m; Private sector: £27m; Gross jobs after 15 years: 500. The CENGS project will provide a data analytics capability to turn world class data into commercial systems and solutions. The centre will bridge the gap between research and innovation and the ability to launch, develop and grow commercial opportunities. Yr Egin digital cluster = £24.3m City Deal :£5m; Public sector financing: £16.3m; Private sector: £3m;