Labour promises $200m for regions in 'more focussed' fund

Labour is promising $200 million to go towards the regions - letting regional agencies develop their own economic plans by "identifying their key industries, investments and long-term plans".

Jacinda Ardern - file. Source: 1 NEWS

“Investing in our regions has been a priority for our Government over the last three years and will be a feature of our Covid recovery,” leader Jacinda Ardern said.

The party described the campaign promise as a "more focussed evolution" of the $3 billion Provincial Growth Fund (PGF). 

It also is pledging to redistribute unallocated funds from the Provicial Growth Fund to other regional plans. 

"The coalition Government allocated over $3 billion through the PGF to boost growth in our regions," Ardern said.

"Approved projects are at a variety of stages of implementation, and will take some time to come to full fruition. We are committed to seeing individually approved projects through to completion. 

"Any PGF funding that has been allocated to sectors but is not yet tagged to a specific project will be reviewed with a view to redistributing it to the regional plans."

Ardern said that regions "know what their own strengths are".

"Our new more targeted $200 million fund will support them to put their tailored plans in place.

"Over the course of the next term we will work with regions on the further development and funding of these plans, particularly in light of the Covid-19 recovery and rebuild."