Find out more about the range of funds managed by Kānoa – Regional Economic Development & Investment Unit (Kānoa – RDU).
Breakdown of each fund's allocation
The funds which Kānoa – RDU manages includes the Provincial Growth Fund (PGF), COVID-19: Response and Recovery Fund (Infrastructure Reference Group), COVID-19 Response – Worker Redeployment Package, Regional Investment Opportunities (NZ Upgrade Programme), the Tourism Sector Recovery Fund, and the Regional Strategic Partnership Fund (RSPF).
Provincial Growth Fund (PGF)
$3.05 billion dollars was allocated to the Provincial Growth Fund to invest in regional economic development. The government wants the PGF to strengthen the regions’ economies so they are sustainable, inclusive and productive and that all New Zealanders can reach their full potential.
COVID-19 Response and Recovery Fund – Infrastructure Reference Group
In April 2020, the government announced a $50 billion COVID-19 Response and Recovery Fund. As part of this initiative, a group of industry leaders has been selected to work with local councils and businesses to identify projects which will support the economy as the country rebuilds itself from the impact of the COVID-19 pandemic.
The COVID-19 Response and Recovery Fund includes $3 billion of infrastructure funding of which Kānoa – RDU administers $740.5 million.
COVID-19 Response – Worker Redeployment Package
In March 2020, the government announced funding of nearly $100 million to help redeploy workers affected by the economic impact of COVID-19. This created immediate short-term employment opportunities for displaced workers.
Regional Investment Opportunities – New Zealand Upgrade Programme
As part of the government’s $12 billion New Zealand Upgrade Programme, $300 million was allocated for Regional Investment Opportunities.
Administered by Kānoa – RDU, $194.6 million of this funding was allocated in February 2020 for projects across New Zealand. In May 2020, the unallocated funding was included in the refocus of the Provincial Growth Fund.
Strategic Tourism Asset Protection Programme
The Strategic Tourism Assets Protection Programme is intended to protect the tourism industry’s assets so companies are able to survive through the disruption caused by COVID-19. Decisions on funding allocations were made by the Tourism Recovery Ministers Group, supported by the Ministry of Business, Innovation and Employment's advice. Kānoa – RDU administers $160.3 million of this funding.
Regional Strategic Partnership Fund (RSPF)
In May 2021, the government announced a new fund to support regions so they can continue making progress towards achieving their economic potential. The RSPF provides $200 million to help grow regional economies. It does this by recognising each region’s individual strengths and working with them in partnership to develop specific projects the regions themselves identify as important.