Hon Shane Jones, Minister for Regional Economic Development
Waikato has been given a financial boost to help grow its economic performance, Regional Economic Development Minister Shane Jones has announced in Hamilton today.
The Provincial Growth Fund (PGF) will invest $400,000 in Te Waka Waikato Economic Development Agency, to ensure it has the access to resources and systems for developing viable initiatives for consideration by the Provincial Growth Fund.
“The provinces need people who not only understand the complexities and issues facing regional economies, but have the skills to diversify and strengthen them. I’m pleased Te Waka is being empowered to help provide the region with this expertise,” Shane Jones said.
“I have always stressed the need for the PGF to not take a top down approach, but rather to listen to, and work with, local communities to identify projects with broad support and clear economic benefits. Ensuring regional economic development agencies are adequately resourced is an essential part of this process.
“There’s untapped potential in the Waikato which this project will help access,” Shane Jones said.
Funding from the Provincial Growth Fund is approved in principle and announced, after which contracts are negotiated. Some funding may depend on completion of business cases. Payments are made once agreed milestones are met. These are set as part of contract negotiations, and differ from project to project.