The Investment Fast Track Fund supports the planning and preparation of regional and rural development project proposals to strengthen the project’s investment evidence base and accelerate investment readiness.
The Investment Fast-Track Fund (IFF) focuses on funding activities that mobilise strategic investment projects through fast-track of business case development and planning for medium to longer term projects in regions, and increase the pipeline of investment ready projects, with a focus on leveraging private investment, boosting employment and improving the liveability of rural and regional Victoria.
IFF is part of the Regional Jobs and Infrastructure Fund (RJIF), the Victorian Government’s flagship regional development fund central to driving growth and recovery in rural and regional Victoria. RJIF has been allocated $30 million in 2022-23 to leverage private sector investment, grow and diversify our regional economy, and improve economic and social outcomes to make regional Victoria an even better place to live, work and invest.
RJIF supports regional communities in their immediate response and recovery efforts, seeks to address complex local challenges and enable opportunities for future growth. The impact of COVID-19 has seen increased numbers of people living and working in rural and regional Victoria. The Victorian Government recognises the ongoing opportunities to support our growing regions with the infrastructure communities need to thrive and attract a skilled workforce.
Objectives of Program
The objective of the Investment Fast-Track Fund program is to accelerate and expand investment in projects of importance for rural and regional communities. This will boost employment, improve liveability and drive economic growth and prosperity.
The anticipated outcomes are:
– improvement in business case, risk assessment and project planning
– improved investment pipeline of growth projects
– increased private sector investment in priority areas
– an evidence-base to identify strategic opportunities in each region
– reduced funding risks for future strategic implementation projects.
Activities funded through the Investment Fast-Track Fund enable growth projects that support the implementation of the Regional Economic Development Strategies (REDS) and the longer-term transformational outcomes of:
– an enhanced visitor economy (e.g., cultural, food, natural assets)
– improved infrastructure for growth sectors (e.g., health, energy, education)
– increased liveability to support population growth and/or retention
– more resilience to pandemics, economic transition and natural disasters.
Funded activity should align with the relevant Regional Economic Development Strategy.