The funding model is said to have been designed to stimulate growth, create jobs and support businesses in seven of Scotland's cities. They are Aberdeen, Dundee, Edinburgh, Glasgow, Inverness, Perth and Stirling.
Commenting on the plans, Deputy First Minister Nicola Sturgeon said: "By working in partnership as part of the Scottish Cities Alliance we have shown our commitment to boosting infrastructure investment in our cities. This new financing model will strengthen this commitment and help cities to deliver their plans, create jobs and grow the economy.
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"Public and private sectors will share the risks by taking a payment by results approach. This approach will help to unlock stalled sites and ensure the public sector also benefit from the success of investments. This will deliver opportunities and increase flexibility for our cities as well creating an incentive to make sustainable economic growth a priority in investment decisions."
She continued: "Our existing infrastructure investment programme is already working to improve connectivity between our cities. Through projects like the V&A in Dundee we are also enhancing the cultural offerings of our cities, which is key to creating the right environment for attracting investment and growth.
"Over the last two years the Alliance has built collaborative partnerships at a level not previously seen, which benefit our cities, their regions and Scotland as a whole."
(JP/CD)
