Provincial Growth Fund gains momentum

Today’s launch of the Guide to the Provincial Growth Fund (PGF) will give regions greater clarity on the Government’s priorities for the PGF and how to tailor their applications, Regional Economic Development Minister Shane Jones says.

Powering up Aotearoa – New Zealand’s Regions also highlights the PGF’s flexibility and the range of funding types available, including grants, equity, loans and co-investment.

“We will be able to shop this Guide around the regions and believe it will be key to engaging more directly with the private sector too,” Shane Jones said.

“The PGF represents an enormous opportunity for our regions and we intend to make the most of it. The Guide provides potential applicants with clear direction on the PGF’s ambitions, structure and what good projects can look like, without being completely prescriptive.

“The new Guide, developed with the benefit of six months in the saddle and underpinned by a detailed Investment Statement, provides information and inspiration that regions can use to put their best foot forward. It is supported by one-page guides on the PGF priority sectors.

“Regions are already showing huge interest in the PGF but I am keen to see the potential of the private sector harnessed further to ensure we’re backing ambitious and innovative proposals going forward. This could include co-investment with private investors and businesses.

“Since February’s launch some excellent projects have been approved, using a range of funding types, including the $10 million loan for a high speed gondola on the Whakapapa ski field, and co-investment in the establishment of H2 Taranaki.

“This guide will help the regions, Māori, commercial co-investors, local government and communities update and refresh their economic development plans to align with the scale and objectives of the PGF,” Shane Jones said.

Notes to editors:

The PGF Guide, Sector Statements, detailed Investment Statement and Cabinet paper can be found at www.growregions.govt.nz