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Wales' £2bn EU structural funding deal formally agreed Wales' £2bn EU structural funding deal formally agreed
(about 3 hours later)
A deal for Wales to receive £2bn in European aid between 2014 and 2020 has been formally agreed.A deal for Wales to receive £2bn in European aid between 2014 and 2020 has been formally agreed.
The next stage will be for a decision to be made on the priorities for the cash as the money is invested in some of the poorest parts of the country.The next stage will be for a decision to be made on the priorities for the cash as the money is invested in some of the poorest parts of the country.
It is the third time in a row that Wales has qualified for what is called "structural funding".It is the third time in a row that Wales has qualified for what is called "structural funding".
This latest amount has to be used by the Welsh government for long-term sustainable economic growth and jobs.This latest amount has to be used by the Welsh government for long-term sustainable economic growth and jobs.
The money is given to areas where the value of what is produced is three-quarters or less of the EU average.The money is given to areas where the value of what is produced is three-quarters or less of the EU average.
What happens next is a committee which monitors how the money is spent will meet next month and it will decide the overall priorities which civil servants should be guided by when they deal with every application that comes in over the next few years.What happens next is a committee which monitors how the money is spent will meet next month and it will decide the overall priorities which civil servants should be guided by when they deal with every application that comes in over the next few years.
This is certainly no cause for celebration, the fact that Wales has got this third round of funding.This is certainly no cause for celebration, the fact that Wales has got this third round of funding.
If you go back to the year 2000 and objective one funding, the first minister at the time, Rhodri Morgan, was talking about this as being a 'once in a generation' opportunity.If you go back to the year 2000 and objective one funding, the first minister at the time, Rhodri Morgan, was talking about this as being a 'once in a generation' opportunity.
Yet here we are, 14 or 15 years later and Wales is one of just a handful of places across the EU that is still eligible for this funding because it has not lifted these communities out of the economically deprived categories that they still find themselves in."Yet here we are, 14 or 15 years later and Wales is one of just a handful of places across the EU that is still eligible for this funding because it has not lifted these communities out of the economically deprived categories that they still find themselves in."
Making 'real difference'Making 'real difference'
Labour's Jenny Rathbone, who chairs the committee which monitors EU spending in Wales, welcomed the so-called partnership agreement.Labour's Jenny Rathbone, who chairs the committee which monitors EU spending in Wales, welcomed the so-called partnership agreement.
The Cardiff Central AM told BBC Wales that this was a hugely significant amount of money and work would now have to be done on where the money should be spent.The Cardiff Central AM told BBC Wales that this was a hugely significant amount of money and work would now have to be done on where the money should be spent.
She said: "This is big news for Wales. We're one of the first EU regions to be allocated this money.She said: "This is big news for Wales. We're one of the first EU regions to be allocated this money.
"It's money that can make a real difference and careful thought will now have to go into making sure that it delivers the right projects across Wales.""It's money that can make a real difference and careful thought will now have to go into making sure that it delivers the right projects across Wales."
Jane Hutt Minister for Finance said: "This is good news for Wales and this new EU funding will have a real impact on the Welsh economy.
"It will help us deliver more innovative and inspiring EU-funded projects."