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Euro aid spending approved

A detailed agreement between the Welsh Government and the European Commission has been reached on how £2 billion of European aid will be spent over the next seven years.

It's split between a regional development fund, worth about £1.1 billion and a smaller social fund, which supports skills development and helping people into work. Most of the development money will be spent on the European Commission's objectives, including research and innovation, the competitiveness of small and medium sized enterprises, renewables and energy efficiency,

But £252 million will be spent on transport, which the Welsh Government argued was also a priority for economic growth. The metro scheme to improve public transport in Cardiff and the Valleys will be a major beneficiary but the Commission has also agreed to some of the money being spent on road improvements to the A40 in west Wales and the A55 in the north.

Wales is the first to adopt programmes in the UK and indeed, it is a model for the rest of Europe's regions in terms of 'partnership in action'. Thanks to the tireless work and dedication - from ministerial level to the grassroots, we are able to launch these vital programmes for investments that will set Wales on the path to smart and green growth - connecting people, skills and jobs

– European Commissioner for Regional Policy Corina Cretu

The EU is a unique partnership of nations working together for the benefit of their citizens, and as a pro-European Government we value the role of Wales in Europe and to the UK’s membership of the EU.

– Finance Minister Jane Hutt AM