Identifying Mid Wales projects to receive part of £110 million investment is set to ramp up after the UK and Welsh Governments backed the scheme.

It was announced this week that the governments had agreed to back the proposal, and it is now set to be finalised by March next year, with heads of terms potentially being signed off in what's left of 2020.

Talks are continuing with both governments to find out what they want to see as the outcome of their investment, and now the specific projects to benefit from the cash are being considered.

Mid-Wales Growth Deal strategic manager Carwyn Jones-Evans told a meeting of the Growing Mid Wales Board, which is made up of members of both Ceredigion and Powys County Council cabinets and business representatives, that a “Portfolio Business Case” approach is being taken.

He also revealed that they had discussed the deal with economist, Joe Flanagan, a leading authority in the UK on business case development who advises the UK treasury in this area.

Mr Jones-Evans, said:  “We do have an advantage in that we can learn from others regional growth deals.

“Understanding the requirement of Governments is still key.

“We have spent some time to be clear on the strategic case, the next phase is what are we going to spend that money on?”

He explained that projects would need to show the UK Government how they would provide jobs and economic growth.

The Welsh Government’s economic targets are different, and he believed they would want to see elements of the Future Generations Wellbeing Act achieved.

Fiona Stewart, chairman of the Economic Strategy Group (ESG) and managing director of the Green Man Festival added that projects may need to have some sort of point system attached to them to explain how they meet the objectives.

Ceredigion County Council Leader, Cllr Ellen ap Gwynn, said: “There’s a lot of work gone in to develop the portfolio already, it’s a live document and it will change over time depending on circumstances.”

In May, the board approved the  “Strategic Economic Plan and Growth Deal Road Map” which outlines in broad terms the ambition to develop.

  • Agriculture, Food and Drink
  • Research and innovation
  • Tourism
  • Energy
  • Digital connectivity