Development Bank of Wales
The Development Bank of Wales was set up by the Welsh Government to support the economy of Wales by making it easier for businesses to get the finance needed to start up, strengthen and grow. The purpose of the Development Bank is to unlock potential in the economy of Wales by increasing the provision of sustainable, effective finance in the market.
Launched in October 2017 it will become a cornerstone organization for delivery of public sector financial products, supporting micro to medium businesses in Wales and increasing the supply of finance. It will promote economic development through an adaptable delivery model that is responsive to market needs whilst providing continued value for money for public funds. It will deliver key Welsh Government policy objectives measured through performance targets and providing investment management and support services across the whole of Welsh Government.
Formerly known as Finance Wales, it has supported Welsh businesses with investment funds since 2001. It has directly invested £0.5 billion into Welsh businesses and attracted £0.7 billion of private sector investment. Together this has boosted the Welsh economy by over £1.2 billion. (figures as at 31st December 2017) . Now as the Development Bank of Wales it has over £1 billion of funds under management which includes administration of the Help to Buy – Wales shared equity scheme.
DBW is represented at the Board of Jellagen by Dr Philip Barnes.