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Financial Support The whole of the Caerphilly County Borough is located within an Assisted Area, which means that it has the potential to attract the highest level of grant aid. All grants are discretionary and eligibility criteria can include the creation or safeguarding of jobs. The County Boroughwas granted European Objective 1 status between 2000 and 2006, which provided access to a fund of approximately £1.2 billion. Caerphilly County Borough is one of 15 designated Objective 1 areas in Wales. European Objective 1 funding in its current form came to an end in 2006. The Objective 1 European Funding Programme that aimed to increase the prosperity of economies that are currently below the European average. West Wales and the Valleys areas has previously qualified for Objective 1 funding because the GDP (Gross Domestic Product) is less than 75% of the European Union average. From 2007, there is a new funding programme called the Convergence Programme, which will operate until 2013. Again, the remit of this funding will be to continue the programme of economic regeneration through raising the GDP in the region. |
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