WELSH businesses are set to receive more than £93 million of investment to 'turbocharge' green recovery and accelerate the creation of nearly 13,000 jobs at Wednesday's budget. 

The Chancellor of the Exchequer, Rishi Sunak, is also expected to bring forward £58.7 million of funding over the next five years for faster investment in the North-Wales, Mid-Wales and Swansea Bay City and Growth Deals.

This will drive forward local economic priorities and support regeneration while delivering new jobs in sectors such as infrastructure, transport and agriculture.

The acceleration of the deals from 15 to 10 years means that:

• The North-Wales Growth Deal will get an extra £4.4 million per year from 2021/22 for the remaining nine years of the deal, supporting the deal to create up to 3,800 new jobs and to support an uplift of £2.2 billion for the economy. 

• The Mid-Wales Growth Deal will get an extra £1.8 million per year from 2021/22 for the remaining 10 years of the deal. This will lead to faster investment once projects are agreed, such as those focussing on transport, agriculture, skills and employment. 

• The Swansea Bay City Deal will get an extra £5.4 million per year from 2021/22 for the remaining seven years of the deal. This will enable deal projects, including digital and urban regeneration infrastructure projects, to be delivered faster and will support the Deal to create up to 9,000 new jobs and to support an uplift of £1.1 billion for the economy. 

The UK Government will match fund up to £30 million, subject to business case approval, with the remaining £128 million from the Welsh Government and private sector investment. 

Treasury support to Wales throughout the pandemic has included: 

• Providing the Welsh Government with an additional £5.85 billion of funding to support people, businesses and public services 

• Protecting nearly 250,000 jobs through the furlough scheme 

• Supporting the incomes of 295,000 self-employed people 

• Providing more than 57,000 loans worth more than £2 billion to Welsh businesses  

Secretary of State for Wales Simon Hart approved of the proposed investment.

"This planned package of measures from the Chancellor delivers for Wales as we build back better and greener from the coronavirus pandemic," he said.

"As well as bringing thousands of skilled jobs, the plans for the Centre for Rail Excellence, hydrogen hub and investment in growth deals show the UK Government's determination to make sure that Wales is a centre for innovation and the industries of the future.

"We have provided support for thousands of individuals and businesses across Wales through the extraordinary challenges of the pandemic.

"These announcements and others in the budget will pave the way to brighter times ahead."