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Boost for Welsh capital as Cardiff signs 1.7 bln dollar city deal

Xinhua, March 16, 2016 Adjust font size:

A 1.7-billion-U.S.-dollar deal to unlock economic growth across the Welsh capital city of Cardiff was signed Tuesday.

The deal is expected to deliver up to 25,000 new jobs, and attract 5.7 billion U.S. dollars of private sector investment across the Cardiff city region.

Leaders of Cardiff city council and nine neighboring local authorities signed the deal along with the Secretary of State for Wales, Stephen Crabb, the Chief Secretary to the Treasury, Greg Hands, and Wales' First Minister, Carwyn Jones.

Treasury and Wales Office officials said in a joint statement that the new city deal would help boost economic growth by improving transport links, increasing skills, helping people into work, and giving businesses the support they need to grow.

It will also establish strong governance across the region through a Cardiff capital region cabinet under which the ten local authority leaders will join up decision making.

The city deal includes a 1.2-billion-pound investment in the Cardiff capital region's infrastructure through a 20-year investment fund. A key priority for investment will be the delivery of the South East Wales Metro, including the Valley Lines Electrification program.

Welcoming the deal, Chancellor of the Exchequer, George Osborne, said: "I want to create a devolution revolution around the UK and empower local leaders in Wales, so it's fantastic to announce a historic city deal in the Cardiff city region."

Crabb said: "Wales is a small country and we pack a much bigger punch when we work together. This genuine partnership between the UK government, Welsh government and ten local authorities in South Wales will help the Cardiff city region to realise its full potential."

Jones said: "We have lobbied hard for a city deal for the Cardiff capital region and put more than 500 million pounds (707 million U.S. dollars) on the table to support improving transport infrastructure within the region. Today's announcement sees that vision become a reality -- it is a vote of confidence in the region and a huge economic boost."

The leader of Cardiff city council, Phil Bale, said: "We have worked long and hard to bring a city deal to the Cardiff capital region and I'm delighted we've been successful." Endit