Councils, iwi, businesses and community organisations with infrastructure projects that support regional priorities are invited to apply for funding from the Regional Infrastructure Fund, which opened today.
“The Coalition Government is focused on growing the economy. We are doing everything we can to enable an export-led recovery, regional prosperity and jobs,” Regional Development Minister Shane Jones says.
The Regional Infrastructure Fund (RIF) will drive regional productivity, prosperity and resilience by focusing on two key investment categories:
- Resilience infrastructure to improve regions’ ability to absorb, adapt and respond to stresses and shocks, and
- Enabling infrastructure to support growth by ensuring regions are well-connected and productive.
“The RIF will look for investment and co-investment projects that support the priorities of the regions themselves,” Mr Jones says.
“We want to invest where it counts. That’s why RIF investments will align with these regional priorities, ensure there is regional co-investment and, where possible, leverage existing regional development investments.”
The Regional Infrastructure Fund is primarily a capital fund. Funding support will be provided through a mix of loan and equity investments; grants will be available in only very limited cases.
“The RIF, which was agreed in the New Zealand First-National Coalition Agreement, is another positive step from the Government to support our regions to be places of opportunity, innovation, growth and resilience.”
In Budget 2024, Mr Jones announced the first projects to be funded through the RIF would be an initial $200 million for flood resilience infrastructure. Of this total, up to $101.1m, along with co-investment from recipients, is committed to 42 flood resilience projects close to being started. The projects have been identified by local authorities in the Before the Deluge 2.0 report and are within the RIF criteria.
More information about the RIF, including details about eligibility criteria and the application process can also be found on the Grow Regions website from today.