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£55m to revamp Welsh towns and cities
Welsh deputy minister for housing and regeneration Jocelyn Davies has launched a new £55m fund to help revamp cities and towns across Wales.
The Regeneration Investment Fund for Wales (RIFW) means Wales has become one of the first regions to establish a fund under an EU scheme to promote sustainable urban growth. The Joint European Scheme for Sustainable Investment in City Areas (JESSICA) programme is designed to see grants repaid and reinvested.
In addition to Welsh Assembly Government funding of £30m in cash and assets, the European Regional Development Fund has contributed £20m to the RIFW initiative. Davies said: "With the UK government set to cut public spending, funding for projects like this will be increasingly difficult and so ensuring that this funding can go further is especially important.
"This innovative approach means that new investment opportunities will not only have a lasting legacy for the areas which are regenerated, but also the funding will be recycled so that more people and places can benefit in future."
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