The Development Bank of Wales has marked its first full year of operation by announcing an impact of £156 million on the Welsh economy during the period.

Created by the Welsh Government in 2017, it was established to fill the funding gap between the finance that Welsh businesses need and what the market provides.

One year on from a high-profile launch event, the Bank (www.developmentbank.wales) has invested £72 million in 344 businesses — a 24% increase on the last year of its predecessor, Finance Wales.

This has in turn attracted £84 million of private investment from investors such as Wealth Club, HSBC Ventures and Wesley Clover.

It has been a busy first year for the Development Bank, which also launched a new business angel network, Angels Invest Wales.

In September, it completed the move of its headquarters to Wrexham Technology Park and adding new members of staff.

Giles Thorley, chief executive of the Development Bank of Wales, said: “The first year has demonstrated good progress, making Wales an attractive place for micro, small and medium-size businesses to raise the capital they need to get started, strengthen and grow.

"Our priority is to continue to scale up, while making sure that we deliver a great service to our customers.

"We are investing in our digital transformation and recruiting in all regions of Wales, to make sure that we can provide the face to face interaction we know our customers value.”