The Well-being of Future Generations (Wales) Act 2015
The Well-being of Future Generations (Wales) Act 2015 (“the Act") is about setting out the framework for improving the social, economic, environmental and cultural well-being of Wales through the sustainable development principle’s five ways of working. The Act sets the Minister’s duty to the integrated seven well-being goals for a prosperous, resilient and globally responsible Wales of healthier, more equal and cohesive communities with a thriving culture. Ministers must set and publish well-being objectives which maximise their contribution to each of the seven well-being goals. More details on the Act can be found here.
How we support it
The Development Bank of Wales has a responsibility to support the Act’s principles and help deliver Minister’s well-being objectives. The Development Bank of Wales is committed to the long-term provision of finance for the prevention of market failure, taking an integrated and collaborative approach, involving people of all demographics for sustainable growth in Wales. Within each new fund or initiative proposed, we will detail what outputs will improve outcomes within the seven integrated well-being goals, how it has incorporated the sustainable development principle and where outputs support Minister’s well-being objectives and national indicators.
Taking Wales Forward 2016-2021
Taking Wales Forward 2016-2021 is the Programme for Government of the fifth assembly for the delivery of a Wales which is Prosperous and Secure, Healthy and Active, Ambitious and Learning, United and Connected. Within these strategic priorities are the impact areas such as businesses and environment and policy objectives of the Welsh Government where the Development Bank of Wales was announced as a primary objective of the new Government. The impact areas and policy objectives were broadened by the Securing Wales’ Future, the Welsh Government’s proactive approach to the transition to a new relationship with the European Union. More details on Taking Wales Forward 2016-2022 can be found here.
How we support it
As an organisation entrusted by the Welsh Government to specifically deliver financial instruments, the Development Bank of Wales has a directive to support Taking Wales Forward. As the development bank increases its scope, it will deliver financial instruments across all the impact areas of Taking Wales Forward. Our main aim is to support the strategic priority for creating a Prosperous and Secure Wales by delivering more and better jobs through increased levels of investment. Additionally, each fund must support Healthy and Active impact area through creating more sustainable jobs, support Ambitious and Learning by supporting businesses and universities in pursuit of innovation and support United and Connected as we generate inward investment and trade opportunities from around the world.