Councils, iwi, businesses, and community organizations with infrastructure projects that support regional priorities are invited to apply for funding from the newly opened Regional Infrastructure Fund (RIF).
“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,” said Regional Development Minister Shane Jones.
The RIF aims to drive regional productivity, prosperity, and resilience by focusing on two key investment categories:
Resilience Infrastructure: To enhance regions’ ability to absorb, adapt, and respond to stresses and shocks.
Enabling Infrastructure: To support growth by ensuring regions are well-connected and productive.
“The RIF will seek investment and co-investment projects that align with the priorities of the regions themselves,” Mr. Jones explained. “We want to invest where it counts. That’s why RIF investments will align with regional priorities, ensure regional co-investment, and, where possible, leverage existing regional development investments.”
Primarily a capital fund, the RIF will provide funding support through a mix of loans and equity investments, with grants available in very limited cases.
“The RIF, agreed upon in the New Zealand First-National Coalition Agreement, is another positive step from the Government to support our regions as places of opportunity, innovation, growth, and resilience.”
In Budget 2024, Mr. Jones announced an initial allocation of $200 million for flood resilience infrastructure. Of this total, up to $101.1 million, along with co-investment from recipients, is committed to 42 flood resilience projects ready to begin. These projects were identified by local authorities in the “Before the Deluge 2.0” report and meet the RIF criteria.
More information about the RIF, including details about eligibility criteria and the application process, can be found on the Grow Regions website starting today.