In the restructure, six thematic advisory groups have been set up, including Priority 3 for Community Economic Regeneration and Priority 4 for Developing People.
The West Wales and the Valleys received 2.7bn from the Objective 1 fund for 2000-06. It invested 680m in economic development and has 600m left.
Denni Turp, European operations manager for the Wales Council for Voluntary Action, is a member of the Thematic Advisory Group for Priority 3.
She said: "Two structures are being taken out of the funding process. The old process meant voluntary groups' applications had to go through one of 15 local partnerships, then 10 regional thematic partnerships and then four strategic partnerships.
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