The £1.13 billion City Deal for the Glasgow City Region was
signed formally in late August.
Over the next 20 years, the Fund will have a truly
transformational impact on the local economy, through a series of
high profile infrastructure projects, a drive for innovation and
growth through support for key sectors and a concerted effort to
address challenges in the region's labour market. The UK and
Scottish Governments will each provide £500million in grant funding
and the region's eight local authorities will borrow a further £130
million.
The City Deal is expected to generate 15,000 construction jobs
and 28,000 permanent additional jobs, once construction is
complete; and will unlock £3.3 billion of private sector
investment.
Councillor Gordon Matheson, Leader of Glasgow City Council,
said: "The signing of this City Deal is a momentous day for the
Glasgow City Region. The benefit this funding will bring to
our infrastructure, economy and labour market will be felt for
decades through tens of thousands of new jobs and increased
competitiveness."
Among the projects proposed for the Fund are City Centre Public
Realm, Glasgow Airport Economic Investment Areas, Clyde Waterfront
Regeneration, Glasgow Airport Rail Link and corridor improvements
to the M8 and M77 motorways.