Glasgow City Region to benefit from new Regional Project Accelerator through the National Wealth Fund

The National Wealth Fund (NWF) today launches a new and enhanced regional offer, designed to accelerate the development and delivery of key growth and clean energy projects across the UK. 

The Regional Project Accelerator will transform NWF’s support, focusing its support and wider investment expertise on the places and projects with the most potential to drive local growth.

Glasgow City Region is one of four Mayoral Strategic Authorities (MSAs) and City Regions already supported through its new Strategic Partnerships, alongside Greater Manchester Combined Authority (GMCA), West Midlands Combined Authority (WMCA) and West Yorkshire Combined Authority (WYCA).

This new Regional Project Accelerator approach is line with the Government’s regional strategy and has been agreed with relevant central government departments and HM Treasury in order to prioritise longer-term and deeper strategic partnerships with high growth Mayoral Strategic Authorities (MSAs) and City Regions in the UK. It will allow more support for complex and significant flagship projects across the country, driving positive change for local communities in support of the Government’s growth mission.

Susan Aitken, Leader of Glasgow City Council and Chair of the Glasgow City Region Cabinet said: “Glasgow City Region’s inclusion as a National Wealth Fund strategic partner is welcome recognition of our status as Scotland’s only metropolis, our track record in securing and delivering on investment and our importance as a vital motor in delivering prosperity.

“The NWF partnership can support us in the delivery of Clyde Metro , a transformational infrastructure project which is vital to the Region’s social, economic and environmental ambitions and one which will accelerate growth and investment in our Foundational economy, as well as high-growth sectors including Advanced Manufacturing and Life Sciences.”

As part of the enhanced offer, local authorities will also have the opportunity to share experience with peers through a digitally enabled knowledge service which is expected to harness AI technology.

The Regional Project Accelerator, which builds on NWF’s three years’ experience working with local partners on advisory and lending projects right across the UK, offers:

• Strategic Partnerships – with four partnerships now launched, NWF teams will collaborate with MSAs and City Regions for the longer term. They will help to develop projects and portfolios to ensure they are investment ready and support Local Growth Plans.
• Flagship project advisory support – NWF teams will provide focused longer-term support for flagship projects, prioritising MSAs, Core Cities, City Regions and devolved nations, not yet in the strategic partnerships programme.
• Local Government Knowledge Service – A new digitally enabled offering to share NWF knowledge and experience and enable peer-to-peer learning, with online resources, conferences, webinars and targeted one-to-one support.
• Low-cost lending direct to local government – the NWF has £4bn lending capacity to local authorities throughout the UK, which it will use to support complex, transformational and higher-risk projects that align with Government priorities and regional and local ambitions.

Under the partnerships programme, the NWF will work closely with MSA and City Region teams, providing banking and advisory expertise to better support project and portfolio development.

With Strategic Partnership Agreements now in place, NWF is working at pace with Partners to identify, shape and execute investment opportunities in agreed priority sectors, including place-based regeneration, transport and net zero infrastructure. Projects already confirmed for support are the Clyde Metro (GCR), Greenpower Park (WMCA), GM Heat Networks (GMCA) and Mass Transit (WYCA).

Ian Brown, NWF Interim CEO, said: “Local government is critical to the UK’s growth and clean energy ambitions and so it’s important that we target our support both where it is most needed and where it will have the biggest impact.

“This new approach means the NWF will be able to focus its resources and expertise to help deliver crucial projects in key areas.”

Lorna Pimlott, National Wealth Fund Managing Director, Local Authority Function, said: “Having listened to our shareholder – HM Treasury, feedback from partners, and learned from our activity to date, we are transforming our support offer to local authorities. The NWF is uniquely placed to support and partner with local government to catalyse public and private sector sources of finance, and this new, more strategic way of working will help us deliver maximum impact for local authorities and their communities while boosting growth across the UK.”

For more information on the NWF’s new regional offer targeting local authorities, visit www.nationalwealthfund.org.uk