The Welsh Development Agency is an executive Assembly Sponsored Public Body which was established by the Welsh Development Agency Act 1975 for the purposes of furthering the economic and social development of Wales, promoting efficiency in business and international competitiveness in Wales and furthering the improvement of the environment in Wales.

Subsection 18(3) of the 1975 Act specifies the Agency’s financial limit and provides for that limit to be increased by order. This Order increases the limit from £1,350 million to £2,000 million.