Wales politics

Wales needs to keep borrowing from EU bank, says Drakeford

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Media captionWe need to secure all sources of investment cash, says Mark Drakeford

Wales needs to keep borrowing from the European Investment Bank (EIB) after Brexit, the finance Secretary will tell the EIB's vice president on Thursday.

Mark Drakeford wants EIB money to help raise £2.5bn for health, housing, transport and other major projects.

The bank previously helped finance the Second Severn Crossing and the new Swansea University bay campus.

The EIB is owned by EU states but Welsh ministers want the UK to keep a share in the bank despite leaving the union.

Bosses at the bank have warned leaving the EU could cut off a valuable source of finance to Britain.

Mr Drakeford will meet bank vice-president Jonathan Taylor on Thursday.

The minister said: "We are facing unprecedented challenges in terms of public finances so it is vitally important that we unlock all opportunities to boost investment in Welsh infrastructure."

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