The Minister for Finance and Public Service Delivery, Andrew Davies, has announced almost £120 million capital investment for 2010/11 to build new homes, provide better schools and hospitals and safeguard jobs.

Allocations have been agreed for sums up to £118.3 million from the Welsh Assembly Government's Strategic Capital Investment Fund. That investment will more than double to over £300m with funding from existing departmental capital budgets, other parts of the public sector, and the private and voluntary sectors.

The Minister said: "We are in difficult economic times, meaning that we must use our resources effectively and efficiently to ensure value for the Welsh pound.

"We remain committed to our One Wales programme of government and will use the capital funding at our disposal to deliver strategically on those priorities.

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"The operation of the SCIF is overseen by a dedicated Cabinet Committee on Strategic Capital Investment, and I have appointed an independent expert panel to advise Ministers.

"The panel members bring a wealth of experience of planning, developing, financing and delivering large capital projects and programmes, and have already been able to add considerable value to the development of our investment agenda.

"This is an innovative and exciting way of investing in capital projects and brings huge benefits in the current economic climate. As well as providing high quality public services, these projects will give a must-needed boost to the beleaguered construction industry. We estimate that they will create or support over 3,000 jobs during the construction process," he said.

The ten projects to which funding has been allocated are:

• £20m for affordable housing
• £35m for the Ebbw Vale Learning Works including development of 3-16 school provision and a sports/leisure and arts centre
• £12m for the Taf Ely Learning Campus
• £5.3m for school buildings in Gwynedd
• £10m for three emergency Strategic Coordination Centres
• £15m for an arts and science centre at Bangor University
• £8.5m for a new Emergency Care Centre at Prince Charles Hospital
• £8m for the Children’s Hospital for Wales
• £3.5m for the Glyn Vivian Art Gallery, Swansea
• £975,000 for eco-lighting at 17 monuments

(CD/BMcC)