UK and Welsh governments want to look at progress made so far
The Swansea Bay City deal faces a "rapid independent review" by both the Welsh and UK Governments.
The deal, announced eighteen months ago, promises to bring thousands of high-quality jobs to south west Wales over the next 15 years, with a focus on science and technology.
A review looking into the "next stage of delivery" has now been announced.
It aims to provide partners - which include councils, health boards and universities - with "assurance" that full economic benefits of this ambitious deal will be delivered.
The review will include a stocktake on progress to date, and provide partners with the assurance that all elements of the Deal will deliver the full economic benefits of this ambitious programme.
The review’s recommendations will inform future decisions on the release of government funding, as well as provide the greatest confidence to potential private investors across the Deal as a whole.
The review will cover due diligence and governance in relation to all elements of the Deal and its implementation. It will ensure that oversight and compliance at both programme and project level are robust, and make recommendations, as appropriate, where this could be strengthened in the future.
All partners remain committed the success of the Deal, and it has been agreed that work on individual projects will continue in parallel with the review.
A Swansea Bay City Region spokesperson said: “As outlined by the UK Government and Welsh Government, considerable progress has been made since the signing of the Swansea Bay City Deal.
“We will now work closely alongside both governments on the independent review, with all partners remaining fiercely committed to delivering this unprecedented programme of investment.
“Work will continue on all individual projects while the review is ongoing so that residents and businesses can benefit as soon as possible.”