More funding to grow our regions – and a new identity for the Provincial Development Unit
Published: 27 May, 2021
A new fund has been created to boost the drive to grow regional economies.
Known as the Regional Strategic Partnership Fund, it will have a $200 million budget and be managed by the Provincial Development Unit.
At the same time, the Provincial Development Unit will change its name to Kānoa – Regional Economic Development & Investment Unit (Kānoa – REDIU).
The new Regional Strategic Partnership Fund’s $200 million will be used as seed funding to advance its three goals of enabling regional economic and business development, accelerating Māori economic aspirations and supporting transformation of individual sectors. This funding will also help New Zealand’s economic recovery from COVID-19.
Each region will work with Kānoa – REDIU to identify its own priorities with further funding decided on a case-by-case basis.
Kānoa – REDIU will also work in consultation with other parts of government and the private sector to prevent duplication of effort, creating a more effective “all of government” system of regional economic development.
Kānoa – REDIU already administers eight other funds focused on building the economy in the regions outside Auckland, Wellington and Christchurch.
Over the last few years, it has managed the investment of more than $4.5 billion in regional economies. The outcomes of these investments are starting to materialise now, from the community-focussed programme of renovation work that has seen marae, Pasifika churches, community halls and war memorials across the country receive upgrades, to the catalytic change seen in Ōpōtiki following their habour transformation project.
The name change to Kānoa – Regional Economic Development and Investment Unit – reflects the organisation’s changing focus and is effective from 27 May.