The successful completion of this groundbreaking MIM procurement demonstrates what Wales can achieve in difficult times when we address challenges with creativity. Namely, it's the first public-private partnership project of this scale to be signed in the UK since the outbreak of COVID-19. And it's the first PPP project of this scale where negotiations were completed remotely, and these innovations show Wales leading the way.

A wide range of community benefits will also be delivered through the scheme, supporting the objectives of the Valleys taskforce. These benefits include contractual targets for training and jobs for local people, and local supply chain opportunities. An estimated £400 million of project spend will be in Wales, with £170 million within the Heads of the Valleys region, generating a projected value of £675 million for the wider Welsh economy.

Maximising youth employment and skills development is key to our priorities for the reconstruction effort. The A465 re-dualling will provide over 120 apprenticeships, 60 traineeships, over 320 internships and over 1,600 national qualifications, leaving a legacy of improved skills. Our commitment to decarbonisation is also reflected in the contract award. Construction carbon will be offset by planting an additional 30,000 trees. Pre-construction ecological surveys and site clearance will start almost immediately, with construction due to begin in earnest next spring. Construction is due to be completed by mid 2025.

Turning now to our education programme: at the end of September, the Welsh Government established the Welsh Education Partnership Company, known as WEPCo. WEPCo is a joint venture between Meridiam, our private sector delivery partner, and the public sector. WEPCo will be responsible for facilitating the design and delivery of up to £500 million of additional investment in new educational facilities using the standard MIM contract. There are currently around 30 schools and colleges in the programme's pipeline to be delivered over the next seven years—a crucial investment in our future generations in the wake of austerity, delivered during a pandemic that would not have been possible without this funding model. Each project will be competitively tendered by WEPCo, through platforms such as Sell2Wales, providing opportunities for construction contractors and the wider supply chain while maximising job opportunities for people in Wales. WEPCo is contractually required to commit to minimum levels of engagement with the local supply chain on every project.

The WEPCo model will focus on delivery against key Government policies and agendas, including the Well-being of Future Generations (Wales) Act 2015, the Curriculum for Wales, and the drive towards carbon neutrality, as well as compliance with the code of practice on ethical employment. WEPCo's performance and objectives are managed and monitored by a strategic partnering board made up of the Welsh Government, local authorities and further education institutions. A full suite of community benefits will also be delivered. WEPCo has already begun working with the University of Wales Trinity St David to introduce the Welsh education partnership academy, an online resource to enhance skills and capability in the sector.

Work has begun on the first MIM school, a new all-through school in Flintshire, which will co-locate two existing schools onto a single site, ensuring the efficient use of public funding alongside the delivery of community benefits. The Welsh Government also continues to support the Velindre NHS University Trust to deliver the new Velindre cancer centre. This clinical model, proposed by the trust for the scheme, is currently subject to independent advice, and the outcome of the advice is expected by the end of November. We will of course keep Members updated on progress.

An important innovation of the MIM is a public sector shareholding of up to 20 per cent of the risk capital in each scheme. This shareholding provides transparency whilst ensuring that the public sector participates in any return on investment. The Development Bank of Wales is using financial instruments to make significant contributions in areas extending beyond business support, including housing, energy and tourism. So, given its expertise, the Welsh Government determined that the Development Bank of Wales would act as the public sector shareholder in MIM schemes, carrying out due diligence on proposed investments and managing the investments over the long term. As the public sector shareholder, the bank will nominate a director to the board of each MIM project company. DBW will monitor the performance of each investment, provide expert oversight and ensure early warning of potential issues that might impact on the recoverability of the investments.

So, to conclude, the successful deployment of the mutual investment model is making an important contribution to our efforts to kick-start the economic recovery. The model will also deliver stretching community benefits, whilst fostering over £1 billion-worth of urgently needed investment in public infrastructure in Wales. In reaching these groundbreaking agreements, Wales is at the forefront of international efforts to modernise the concept of public-private partnership.