Cafodd WIDAB ei sefydlu'n wreiddiol o dan Ddeddf Asiantaeth Datblygu Cymru 1975, ac mae’n rhoi cyngor i Weinidog yr Economi ar faterion sy’n ymwneud ag Economi Cymru ac yn cynorthwyo Llywodraeth Cymru yn ei huchelgais i sbarduno twf cynaliadwy a chynhwysol ar draws rhanbarthau Cymru drwy'r Cynllun Gweithredu ar yr Economi. Rhan ganolog o waith WIDAB yw rhoi cyngor ar brosiectau unigol sy'n gofyn am gymorth o fwy na £1 filiwn oddi wrth y cynlluniau perthnasol sy’n dod o dan Gronfa Dyfodol yr Economi.
Originally established under the Welsh Development Agency Act 1975, the Welsh Industrial Development Advisory Board (WIDAB) provides advice to the Minister for Economy on issues relating to the Welsh economy and assists the Welsh Government in its ambition to drive sustainable and inclusive growth across the regions of Wales through the Economic Action Plan. Central to WIDAB’s role is providing advice on individual projects requesting support of over £1 million from the relevant schemes within the Economy Futures Fund.