The 2000-2006 European Structural Funds Programme was the first in which West Wales and the Valleys benefited from EU Objective 1 status.
Over the programme period, EU Objective 1 contributed around £1.2 billion to European aid to kick-start the economy.
This funding was aimed at the most deprived regions of the European Union, assisting them to catch up with the prosperity of other regions – the principle aim being raising the level of gross domestic product (GDP), ie. to boost the area’s wealth.
In a nutshell, EU Objective 1:
- provided money from Europe to help increase prosperity
- was focussed upon regenerating areas whose economy was under-performing
- there was a need for further funding to be matched with private sector investment or other public investment
- was facilitated on the island by the Anglesey Economic Regeneration Partnership
- applications came from eligible bodies
- projects met definite project selection criteria, and
- enabled the private sector to gain access to a range of support through projects run by intermediaries such as the county council, Menter Môn and Medrwn Môn