The Regional Strategic Partnership Fund
The Regional Strategic Partnership Fund (RSPF) is a $200 million fund to support regions to make steps towards achieving their potential.
New Zealand’s regions are vital to our economic future and the continued recovery from the COVID-19 economic crisis. Regional sectors, such as the primary industries and manufacturing, are the backbone of our economy and proved to be resilient during New Zealand’s response to the pandemic, minimising the impact of the recession.
However, not all of our regions, and the people who live in them, are thriving. The Government wants to support all regions to achieve their potential and thrive, so that we see improved prosperity and living standards for all New Zealanders.
Every region has different opportunities and challenges based on their unique mix of sectors, infrastructure, skills and resources, and there are different levels of economic development capability and capacity within each region.
The Regional Strategic Partnership Fund (RSPF) is a $200 million fund to support regions to make steps towards achieving their potential, through partnering with regions to develop regionally-specific projects that support improved economic outcomes.
The RSPF aims to build more Productive, Resilient, Inclusive, Sustainable and Māori-enabling (PRISM) regional economies by delivering local approaches tailored to a region's particular needs and advantages.
Working with regions to develop their economies
Allocating the fund
The RSPF will allocate $180 million for seed funding in three main areas. Equity and loans are the preferred funding mechanism. The remaining $20 million has not been allocated at this stage.
Enabling regional economic and business development
Up to $60 million for small scale economic and business development projects. The priorities identified in partnership with Kānoa - REDIU will inform these investments.
Accelerating Māori economic aspirations
Up to $40 million to create productive whenua Māori assets and accelerate Māori economic aspirations. Proposals will be prioritised in conjunction with other agencies.
Supporting sector transformations
Up to $80 million for firm-level investments in sectors already established in regions, improving their comparative and competitive advantages.
Better connections to achieve regional priorities
Kānoa – REDIU will coordinate a more effective all-of-government regional economic development system and work closely with other agencies to develop a high performing integrated government approach to develop regions’ economic aspirations, including working with the Regional Public Service Commissioners.
Making the most of the Regional Strategic Partnership Fund
Kānoa – REDIU will work with its regional partners to identify possible projects for funding and help them to develop investment proposals. Rather than considering proposals from a wide range of individual projects, the fund will support those which the regions themselves believe will help them build a stronger economy. Proposals will be assessed against the fund's eligibility criteria and the five PRISM pillars – Productive, Resilient, Inclusive, Sustainable and Māori enabling.
- be in regional New Zealand outside the three main centres of Auckland, Wellington and Christchurch
- align with Government and regional economic development priorities and PRISM objectives
- creates additional value and avoids duplicating existing efforts
- have the capability to deliver and implement the project.
- Commercial projects will be supported through equity or loans
- Kānoa – REDIU will structure each project’s contract terms to increase the likelihood of success
- As a guideline, commercial and quasi-commercial projects will require 50 per cent co-funding
- Non-commercial projects will generally require 20 per cent co-funding.