A FIFTY million pound business plan has been accepted by a regional cabinet overseeing the Cardiff Capital Region City Deal.
The cabinet agreed to back the recommended business plan yesterday, which commits up to £50million for approved projects.
The City Deal includes an investment programme of £1.2billion into the regional economy, including £734m for the creation of a South East Wales Metro transport scheme.
A total of £742,500 has already been approved by the regional cabinet to develop the project.
Ten local authorities - including Newport, Monmouthshire, Caerphilly, Blaenau Gwent and Torfaen councils - have signed up to the 20-year project. The UK Government has provided a £375m contribution, and the local authorities involved have agreed a commitment to borrow a combined total of £120million as part of the Wider Investment Fund.
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