Representatives from North Wales Economic Ambition Board joined the Welsh and UK Governments to sign Heads of Terms and agree the seven programmes that will form the Deal from 2020 onwards.
The Heads of Terms commits the two Governments to investing £240m into programmes that will have a positive impact on thousands of households, businesses and organisations across the region.
When combined with the contributions from partners and the private sector, the Deal is worth more than £1billion to North Wales.
The programmes within the Deal include projects on low carbon energy, advanced manufacturing, land-based industries (agriculture and tourism), land and property, skills and employment, digital connectivity, and strategic transport.
Cllr Dyfrig Siencyn, chair of the Ambition Board and Leader of Gwynedd County Council, said: “By signing the Heads of Terms we have shown our dedication and commitment to the region.
“We will continue to work together for the people and businesses of North Wales, with the joint aim of creating jobs, boosting the economy and delivering a Growth Deal that will have a positive and lasting impact for generations to come.”
He added: “Our next steps will be to begin implementing the priority projects and leverage funding from the private sector in key areas. Next year will be crucial in laying the foundations for the future and securing the commitment of organisations and businesses in taking these programmes forward.
“On behalf of the Ambition Board I would like to thank the many private and public sector bodies that have supported us, as well as stakeholders, both the Welsh and UK Governments and our local authority colleagues.”
Welsh Government Minister for International Relations Eluned Morgan, the Secretary of State for Wales Alun Cairns and Cllr Dyfrig Siencyn all signed the document.
Each Government has committed to investing £120m in the Deal, with the remainder of the capital coming from the private sector and other partners.
Eluned Morgan who signed on behalf of the Welsh Government said: “The North Wales Growth Deal has the potential to transform the region. Signing this Heads of Terms today demonstrates our commitment to the Ambition Board and regional partners to work together for the people and businesses of North Wales.”
Ken Skates, Minister for Economy, Transport and North Wales, added: “Today’s signing is an important step forward for this transformative deal and we will continue to work with our partners to deliver a Deal which is right for North Wales.
“Our joint aim is creating jobs, boosting the economy and delivering a Growth Deal that will have a positive and lasting impact for generations by creating a more equal Wales, a more prosperous Wales, and a greener Wales.”
The Secretary of State for Wales Alun Cairns said: “The UK Government is working to bring greater investment, growth and job opportunities to communities across Wales and today’s signing represents real progress in achieving those aims.
“The North Wales Growth Deal is a huge and exciting opportunity to transform the region and help rebalance the Welsh economy. We will continue to work with our partners to develop the growth deal and ensure it is delivered for the people and businesses of North Wales.”
Minister for the Northern Powerhouse and Local Growth, Jake Berry MP, said: “This agreement will deliver multi-million pound investment with the potential to create green collar jobs in the nuclear and low carbon sectors, as well as boosting tourism and businesses across North Wales, the Northern Powerhouse and beyond.
“The opportunities created by this Deal are the latest example of the government’s commitment to levelling up every part of the UK and empowering local people to build thriving and prosperous communities.”
The Ambition Board is in the process of establishing a Programme Office that will coordinate the delivery of projects, overseen by the Ambition Board, which is made up of the six North Wales councils, universities, colleges and the private sector.
For more on North Wales Economic Ambition Board, visit www.northwaleseab.co.uk or follow the organisation on social media @northwaleseab.