The £70 million rural growth deal for Argyll and Bute will progress following a spending review by the UK Government.
The Treasury’s share of the project had been put on hold ahead of Wednesday’s budget, but the chancellor has now given the green light in a move welcomed by the local authority.
Council leader Jim Lynch said the deal will deliver on Argyll and Bute’s economic potential, creating new jobs, attracting thousands of visitors, and generating more investment in the region.
The budget announcement follows positive engagement between the local authority, UK Government departments including the Treasury and the Scotland Office, and local politicians.
The rural growth deal is a ten-year programme that will deliver millions of pounds of investment to develop the area’s economic potential.
The Scottish and UK governments have each allocated £25 million to the programme, and the council and its partners will contribute at least £20 million of match funding.
Through the programme, the local authority and its partners aim to create at least 300 additional jobs, generate 6,500m2 of new business space, develop training opportunities to more than 6,000 students and individuals, support local businesses to thrive, construct new housing, and attract more than 70,000 additional visitors to the area every year.
Argyll and Bute boasts several key industries that support the Scottish and UK economies, including tourism, food and drink, marine science and clean energy.
Specific projects in the deal include the Rothesay Pavilion, housing on Mull and Islay, an engineering cluster on the Clyde, and a seaweed and shellfish research and development centre.
Argyll and Bute Council leader Jim Lynch said: “The deal will deliver significant economic growth for Argyll and Bute and the wider national economy. It will play a vital part in building long-term prosperity for our local communities so it’s great news that we can get back on track with making it happen.
“Argyll and Bute is an amazing area, to live, work and invest in, and the Deal has had strong public backing from the beginning. We continued to work with our Government partners in keeping the profile high of Argyll and Bute, and what it offers economically. We are very pleased with the announcement and look forward to progressing this in partnership.”
