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<p>Last week, the National Lottery Heritage Fund announced that Old College, Aberystwyth
has been awarded almost £10 million of National Lottery money. The National Lottery
Heritage Memorial Fund, which allocates Lottery funds to heritage, is a non-departmental
public body accountable to parliament through the Department of Digital, Culture,
Media and Sport. The mechanism in which funding decisions are made on individual applications
and policies are independent of the Government. The National Lottery Heritage Fund
is the distributor. This funding commitment builds on the investment of over £400million
of National Lottery funding into more than 2,600 heritage projects in Wales.</p><p>
</p><p>The investment in Old College will generate around 50 new jobs and encourage
graduates to stay in Aberystwyth to establish new businesses, boosting the local economy.
The renovation will create gallery spaces, a centre for entrepreneurs and new businesses,
artist studios, community rooms and facilities for major events and festivals. This
investment will give the building a new lease of life, securing a sustainable future
for generations to come. This funding will also be supported by £3 million investment
by Welsh Government and £3 million from the European Regional Development Fund through
the Tourism Attractor Destination programme.</p>
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