Caerphilly will get a share of £2.1bn of European funding targeted at the poorest areas in the 28-member union.
It is the third time Wales has qualified for structural funding from the EU, with East Wales receiving £325m.
South Wales East AM Lindsay Whittle said the cash is needed because of the “abject failure” of the Welsh Government’s economic policy.
Mr Whittle, who is also a councillor for Penyrheol, said: “I recently visited London and the South East and billions of pounds are being spent there on rail and road improvements.
“In contrast, in Wales we qualify for more European cash because of the level of poverty. It’s very sad.
“I don’t believe in the past that European money has been well spent. I notice plenty of gleaming new buildings but what about the jobs?
“The £2bn Wales is receiving from the EU is testament to the abject failure of the Welsh Government to have any major impact on turning around our economy over the 15 years they have been in power in Cardiff Bay.
“Communities in the Valleys have found that this funding has made little difference to their lives. Let’s hope this next tranche will turn around our fortunes because it is long overdue.”
The Welsh Liberal Democrats also criticised how previous EU money has been spent.
Shadow Economy Minister Eluned Parrott said: “Time and time again Wales has qualified for this money, but successive Welsh Labour Governments have failed to use it to its fullest potential. I want to see this cash used to improve the lives of the individuals and communities who need it the most.
“This money has arrived at an ideal time to improve public transport infrastructure in the South Wales Valleys, tying in with the long awaited Metro project to connect communities and enable people to travel quickly and easily to places of employment such as Cardiff and Newport.
“I want this to be the last time Wales qualifies for this handout. We need to use this cash to boost our economic output to catch up with the rest of the UK and other successful growing economies.”
But finance Minister Jane Hutt welcomed the “significant milestone”.
She said: “This is great news for Wales and this new EU funding will have a real impact on the Welsh economy and job creation. It will help us deliver more innovative and inspiring EU-funded projects.
“This will allow us to start delivering on our shared goals across Government for sustainable economic growth and jobs.”
The cash comes from the European Development Fund, European Social Fund and the European Agricultural fund for Rural Development.
A Welsh Government spokesperson said information about where the money will be spent is to be announced soon – before councils and organisations can bid for cash to spend on projects.
Rather than covering the landing with expensive innovation centres which now mostly lie empty the Welsh government should have invested in infrastructure, they should have built a decent road link to Cardiff Airport and sorted out the problems on the M4. If a town or village has died a death why pump millions of pounds of European funding into it in an attempt to resurrect it, what is the point in throwing good money after bad because in another few years the Welsh government will only go grovelling cap in hand for even more european funding to prop up the country because they’ve wasted it on fancy paving slabs and flower pots.
I absolutely agree with what Paul writes. I also agree with Lindsay Whittle’s comment “failure of the Welsh Government to have any major impact on turning around our economy over the 15 years they have been in power.” Another failed experiment that required urgent attention.
It is also worth noting that ‘European money’ is nothing of the kind and is simply a fraction of what British people pay into the EU being returned. Another £1.7 Billion is required of us by 1st December to go with the £55 Million per day we already pay this murky organisation that cannot even balance its own books, let alone provide the public with its accounts.
Considering the UK is a net contributor the EU (Wales is also), Wales could receive far more than this if the Barnett forumla was replaced.