The UK’s National Wealth Fund has committed at least £500 million (US$667 million) to Greater Manchester through a strategic partnership with the Greater Manchester Combined Authority (GMCA) to support the Good Growth Fund in the Greater Manchester city region.

The next phase of the Greater Manchester Good Growth Fund represents a significant expansion of the city region’s long-term investment strategy, with around £420 million allocated to new projects focused on housing, infrastructure, and industrial development. This latest funding round aims to accelerate regeneration across multiple boroughs, supporting the delivery of new homes, improved transport links, and employment spaces that can drive economic activity while addressing local needs.

A key development in this phase is the planned expansion of the overall fund, which is expected to almost double in size through additional backing, including a £500 million partnership with the UK National Wealth Fund and further government support. This reflects a broader shift toward innovative, large-scale public investment models designed to unlock private capital and deliver sustained regional growth. Importantly, this phase introduces a new “Good Growth Contract”, which ensures that all funded projects deliver not only economic returns but also social value outcomes. This includes commitments such as creating jobs and apprenticeships, involving local suppliers, and meeting high environmental standards. The approach emphasizes inclusive growth—ensuring that investment benefits communities across Greater Manchester rather than being concentrated in a few areas.