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Regional Strategic Partnership Fund
Plans are moving ahead to replace the Provincial Growth Fund (PGF) with a significantly smaller fund that will offer seed capital to kick start regional projects. Replacing the original $3b PGF in favour of the new $200m Regional Strategic Partnership Fund was one of Labour’s promises before the last election.
The decision to implement a “more focused evolution” of the PGF follows criticism that the original fund’s benefits were not reaching the intended recipients.
Several Bay of Plenty projects benefitted from PGF funding in the past three years, including $24.85m for Whakatohea Mussels Limited’s Opotiki-based mussel farming and production facility, $20.9m for the Rotorua Lakefront redevelopment and $18m towards the construction of a motorway interchange for Rangiuru Business Park on the Tauranga Eastern Link.
Announcing the refreshed fund at the recent EDNZ conference, Economic and Regional Development Minister Stuart Nash says the new fund will be a vital part of post-Covid recovery efforts.
Identifying funding priorities will be decided by Regional Economic Development Partnerships with Kānoa – REDIU’s support, advice and guidance.
We’re keen to see how this smaller, more targeted fund could be used to benefit the Bay of Plenty economy.
In light of the significant PGF investment across our region we will also want to see that central government confidence continues through sound investments into Bay of Plenty projects and initiatives.
You can read more about Minister Nash’s announcement here.
Monday, June 21, 2021