Whanganui business leaders get insights into Government's Provincial Growth Fund

Provincial Growth Fund representative Nick Hough talks to Whanganui business leaders.

Whanganui businesspeople and community leaders have been told there are good opportunities in the region for investment by the Government's Provincial Growth Fund.

Representatives of the Provincial Growth Fund (PGF), PwC and Bank of New Zealand outlined details about the fund at a seminar on Thursday, September 20.

PGF representative Nick Hough said creating genuine partnerships between the private sector and regions/regional leaders was key to applications for funding.

"The PGF is looking to support high quality initiatives and we may take risks if the returns are greater," Hough said.

"There are good opportunities in Whanganui-Manawatū and we look forward to working alongside you."

Hough said the $3 billion PGF was an investment fund, not a grant fund. He expected that by the end of this year it would have allocated $1b.

"The volume is pretty big - we've had about 500 applications through so far," Hough said.

The PGF has already allocated funds to several local projects:

- More than $6 million towards revitalisation of the Whanganui Port (subject to a business case) and upgrade of the Whanganui rail line to accommodate increased rail freight.

- A $10 million loan to Ruapehu Alpine Lifts (RAL) to build a high speed gondola for Whakapapa ski area.

- $970,000 for planting 1.35m trees on 1000ha of erosion-prone private land in the region, in partnership with Horizons Regional Council's Sustainable Land Use Initiative (SLUI), and up to 20 appraisals of future forestry projects on more than 50ha.