Chief secretary to the Treasury Danny Alexander and cities minister Greg Clark visited Glasgow yesterday to sign the Glasgow and Clyde Valley City Deal with local council leaders and the Scottish government.
The funding is expected to bring in a further £3.3bn of private sector investment into the proposed infrastructure investment programme over the next 20 years.
The UK government will provide £500m of funding, with £500m provided by the Scottish government and a minimum of £130m from local authorities across Glasgow and Clyde Valley.
This funding will be used to enhance transport infrastructure, unlock new sites for housing and employment and improve public transport. Funding from the UK and Scottish governments will be paid over a 20-year period in annual instalments.
Projects agreed under the deal include:
a £16m UK government contribution to a new £64m Stratified Medicine Centre of Excellence, which will provide life science research and innovation facilities at the New South Glasgow Hospitals Campus.
a £1.2m UK government contribution to a £4m MediCity Scotland facility to bring new healthcare services and medical technology to the market.
£1.7m UK government funding for a new £4m Centre for Business Incubation, Development & Recovery in Glasgow’s Merchant City.
The UK government has so far agreed 26 City Deals across the country, which is its way of injecting competition into the allocation of infrastructure funding and inducing local authorities to form partnerships with local private and public sector enterprises to formulate bids.
The referendum on independence for Scotland takes place on Thursday 18 September 2014.