‘International Convention Centre Wales will have huge impact on regional economy’
THE £83m International Convention Centre Wales (ICC Wales) will have a huge impact on the regional economy, says NatWest chief executive Ross McEwan.
NatWest is funding the project at the Celtic Manor Resort in Newport – which is scheduled to stage its first conference in July next year – to the tune of £51.5m.
The rest of the finance is being provided at commercial lending rates by the Welsh Government, which is a joint venture partner in the project with the Celtic Manor Resort.
Mr McEwan, who is also group CEO of Royal Bank of Scotland group, of which NatWest is part, was speaking on a visit to Newport, where he saw the progress being made on the project, which is forecast to provide a £70m annual boost to the economy of Newport and the wider Cardiff Capital Region. ICC Wales will have the capacity to accommodate up to 5,000 conference delegates.
New Zealander Mr McEwan was accompanied on the tour by Simon Gibson, chief executive of Wesley Glover, and ICC Wales vice-presidents Mark Colcomb and Russell Phillips.
Mr McEwan said: “Since the launch of the ICC Wales project I have been continually impressed by the team and its vision for the centre. It is a hugely impressive facility, and one that possesses all the attributes needed to become a global success and attract international business events and conventions.
“NatWest Cymru has been very proud to support such an important project for the Welsh economy and we are working hard to ensure we help more businesses here so that they are able to grow and achieve more success.”
Chairman of the Celtic Manor Resort Sir Terry Matthews said: “We were delighted to welcome Ross to see first-hand the exciting progress being made in the development of ICC Wales.
“From the outset of the project NatWest Cymru’s support and belief in our vision for the centre has remained a constant resource.
“We are looking forward to working with them as a key strategic partner ahead of the opening of ICC Wales in 2019 and beyond.”
Mr Colomb said: “The ICC Wales project is of huge significance to the region and wider Welsh economy.
“NatWest Cymru has understood this from the outset and its proactive involvement and desire to support us has helped drive the success of the development. We are very happy to be working with a bank that is putting Wales and the businesses within it first.”