The Government has opened applications for its $1.2 billion Regional Infrastructure Fund (RIF), a key part of National and New Zealand First’s coalition agreement.
Councils, iwi, businesses, and community organisations with infrastructure projects that support regional priorities are now invited to apply from today.
Regional Development Minister Shane Jones announced the fund’s launch today, saying it would “drive regional productivity, prosperity, and resilience”.
The fund would have two primary investment categories, according to the Government.
One includes “resilience infrastructure to improve regions’ ability to absorb, adapt and respond to stresses and shocks”, while the other would include “enabling infrastructure to support growth by ensuring regions are well-connected and productive”.
Jones said: “The Coalition Government is focused on growing the economy. We are doing everything we can to enable an export-led recovery, regional prosperity and jobs.
Shane Jones is in charge of the new $1.2 billion Regional Infrastructure Fund, which was part of the NZ First coalition agreement.
“The RIF will look for investment and co-investment projects that support the priorities of the regions themselves. We want to invest where it counts.
“That’s why RIF investments will align with these regional priorities, ensure there is regional co-investment and, where possible, leverage existing regional development investments.”
He added: “The Regional Infrastructure Fund, which was agreed in the New Zealand First-National Coalition Agreement, is another positive step from the Government to support our regions to be places of opportunity, innovation, growth, and resilience.”
In Budget 2024, Jones announced the first projects to be funded through the RIF would be an initial $200 million for flood resilience infrastructure.
The Government has said the Regional Infrastructure Fund is primarily a capital fund.
“Funding support will be provided through a mix of loan and equity investments and grants will be available in only very limited cases.”
During Jacinda Ardern’s government, New Zealand First won agreement from Labour for its $3 billion Provincial Growth Fund, which National criticised as a wasteful “slush fund”.