Further to WAQ78791 will the Minister clarify whether the local authority has to pay the 75 per cent of the cost of the flood defence scheme up front then claim it back from the Welsh Government over the 25 years period?
Local Authorities participating in the Welsh Government’s Coastal Risk Management Programme (CRMP) will borrow upfront all of the funding required to pay for the design and construction of each project.
The Welsh Government will subsequently make annual payments to each Local Authority to cover the cost of capital and interest incurred over the 25 year duration of the loan, to a maximum of 75% of the total cost of the scheme.
This approach enables Local Authorities to utilise their borrowing powers to increase the total amount of capital funding available in Wales for coastal risk management and adaptation.