THE involvement of Monmouthshire in a £1.2 billion investment deal for south east Wales looks to be confirmed at a special county council meeting later today (26th January).

The meeting will outline the next steps for the Cardiff Capital Region (CCR) City Deal, and will seek approval for the establishment of the CCR regional cabinet.

The CCR City Deal will create a £1.2 billion infrastructure investment fund for southeast Wales, with the aim of creating 25,000 new jobs and attracting £4 billion in private investment over the next 25 years.

At the meeting of Monmouthshire County Council (MCC), councillors are expected to approve the establishment of a CCR regional cabinet, which would include a representative from each of the 10 local authorities involved. If approved, the CCR regional cabinet would commence on 1st March, with MCC leader Councillor Peter Fox representing Monmouthshire.

The £1.2 billion consists of funding pooled together by the UK Government, the Welsh Government, European Development Funding, and the 10 local authorities. Monmouthshire’s input into the scheme will amount to around £12.9 million over the 25-year period.

The regional cabinet would manage a £495 million investment fund, which is made up of £120 million from the 10 local authorities and £375 million from the UK Government. The cabinet will focus on funding projects and infrastructure that supports economic growth in southeast Wales.

The investment will go towards completing the South Wales Metro Scheme and the electrification of the Valleys Line project.