The Provincial Growth Fund (PGF) invested in projects which would support job creation in key sectors and regions and increase prosperity and productivity in the regions.
The PGF's objectives were to:
- Create jobs, leading to sustainable economic growth
- Increase social inclusion and participation
- Enable Māori to realise aspirations in all aspects of the economy
- Encourage environmental sustainability and helping New Zealand meet climate change commitments alongside the productive use of land, water and other resources
- Improve resilience, particularly of critical infrastructure, and by diversifying our economy
An announcement made in May 2020 outlined how the PGF would play a vital role in New Zealand's economic recovery from COVID-19 by providing opportunities to support worker redeployment and regional skills and training, improve and enable infrastructure and support capital investments, joint ventures and Māori and Pasifika businesses.
In addition to the underlying objectives of the PGF, proposals were required to meet COVID-19 response objectives:
- Jobs – creating immediate redeployment opportunities and/or new employment opportunities
- Timelines – projects could commence as soon as possible
- Visibility – projects were visible to the community, boosting confidence in New Zealand's social and economic recovery.
Areas the PGF has invested in
Published: 16 October, 2020