Economic and Regional Development Minister Stuart Nash told the annual conference of economic development agencies, local government representatives and chambers of commerce the new fund is a vital part of post-covid recovery efforts.
“Today we are launching the $200 million Regional Strategic Partnership Fund (RSPF), which delivers on a manifesto commitment to keep supporting economic recovery in the regions,” Nash said.
“Over this Parliamentary term the RSPF has three goals. It will work in local partnerships to enable economic and business development, accelerate Māori economic aspirations, and support sector transformation. Each region will help decide its own priorities.
“Central government will partner with local government, iwi, businesses, community organisations and other agencies to identify priorities and co-funding opportunities.
“Regions will identify priority investments which support the Government’s vision of creating more productive, resilient, inclusive, sustainable and Māori-enabling regional economies.”
The first year of funding was set aside in Budget 2021 from reprioritised funding administered by the Provincial Development Unit (PDU).
Further reprioritisation will occur by the PDU to reflect the Minister of Finance’s expectation of value for money and targeted investment where it is most needed.
Nash says the $200 million fund will be seed funding for regional priorities, with further funding decided on a case by case basis.
The investments will be strategically designed to unlock various other sources of capital to get projects under way.
“The PGF invested more than $3.11 billion in regional economic development in its three-year life. Existing PGF projects will continue to be progressed,” he said.
“Our regions are a vital part of New Zealand’s economic strength but have been neglected in the past, stifling economic growth and living standards in regional communities,” Nash said.
The PDU will adopt a new name to reflect its new focus. It will be known as Kānoa, or the Regional Economic Development and Investment Unit. Kānoa has a broad meaning through proverbs and whakataukī, with reference to home fires, and to the guardian of the storehouse who helped others to thrive.
