Provincial Growth Fund
"The Government's PGF is helping to unlock the economic potential of New Zealand's regions and to ensure that all New Zealanders, no matter where they live, can share in a strong and growing economy," Regional Economic Development Minister Shane Jones says.
"We have supported more than 250 projects and created more than 560 jobs up and down the country – with many more to come as projects scale up.
"So far, $1.7 billion of the PGF has been committed to date with investments ranging from skills and employment programmes for young people, remedial infrastructure in rail, road, digital connectivity and water storage, and business projects with key firms in our regions.
"The Wellbeing Budget sees $40 million of the PGF earmarked towards projects in the waste sector and $40 million for projects in the energy sector. We've identified these sectors as vital to supporting a transition to a low-emissions economy while also unlocking new opportunities for our regions.
"We want to catalyse a shift to higher-value waste processing to create job opportunities and support new technologies to build a more resilient resource recovery sector while contributing to increased productivity in regional New Zealand.
"The Fund's $40 million investment in energy will also create new opportunities and help maximise labour redeployment in the case of sunset industries. It will also strengthen the capital infrastructure of the energy sector in the regions to ensure it is well positioned to take advantage of current and future demands, particularly in areas that have a natural advantage in energy production.
"The PGF is also allocating $300 million to regional rail projects – a key focus for the Coalition Government and specifically noted in the Coalition Agreement as a priority for the PGF.
"Rail has a long and proud history in New Zealand and this Government wants to support new rail opportunities in our regions as part of a mode-neutral, integrated transport system that delivers for all New Zealanders," Shane Jones says.