'Significant' £25m boost for freeport

THE Anglesey Freeport has secured £25m of funding that will kick-start seven projects at the zone.

- SION BARRY Business editor

> Sign-off on the £25m of seed funding for the Anglesey Freeport

The Welsh and UK governments, along with the Isle of Anglesey County Council and Stena Line UK, have signed a memorandum of understanding (MoU) formalising how the freeport will be governed and delivered. With leverage finance, the freeport is forecast to create 5,000 new jobs by 2030.

The £25m seed capital funding, from the UK and Welsh governments, is for projects designed to improve infrastructure, attract inward investment and create employment opportunities. Funding follows approval by both the UK and Welsh governments of the freeport’s full business case.

The Anglesey Freeport is a designated zone where businesses benefit from tax reliefs and other incentives designed to attract investment and create high-quality jobs. It became operational in January last year.

The seven projects include road access improvements, energy infrastructure, site remediation and new improved facilities at the Menai Science Park campus. Together they will prepare the freeport’s tax sites for private sector investment.