Later today, 20 July, the deal will be officially signed by First Secretary of State and Minister for the Cabinet Office, Damian Green, Cabinet Secretary for Economy, Jobs and Fair Work, Keith Brown and Leader of the City of Edinburgh Council, Adam McVey.
Mr Brown said the project will result in a major investment for housing, innovation, transport, skills and culture across Edinburgh, the Lothians, Fife and the Borders.
With both the UK and Scottish Governments are investing £300 million in the project, further contributions from six local authorities and the University of Edinburgh are expected to take the value of the deal to more than £1 billion.
Overall, it is expected the scheme will generate more than £5bn for the economy over the next 15 years.
Key highlights include;
• £300m for world leading data innovation centres
• £140m for crucially needed A720 city bypass at the Sheriffhall Roundabout and transport improvements across west Edinburgh
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• £20m capital funding for new world class concert hall
• £25m regional skills programme to support improved career opportunities for disadvantaged groups
• £65m of new funding for housing to unlock strategic development sites
Speaking on behalf of all of the local authority partners, Cllr McVey said: "I am delighted that this ambitious deal for the region has now been agreed, creating up to 21,000 new jobs. This will allow us to transform the area delivering high quality jobs, housing, critical infrastructure, a new skills programme, and a world class concert hall.
"The significant investment in innovation and culture is also to be welcomed as they are both hugely important to the region's economy. This will put us at the forefront of data driven innovation ensuring we are ahead of the game in a technology driven world.
"We are home to world class research and development activity, much of which acts as an anchor for the development of new products and services through innovation in the private sector. As a world class festival city, Edinburgh attracts over 4m visitors every year adding over £1.3bn to the economy annually.
"Today's signing is an important first step as we begin to work with both governments to deliver on the commitments in the deal to ensure the region is vibrant and inclusive going forward."
Cabinet Secretary for Economy, Jobs and Fair Work, Keith Brown, said: "The Scottish Government has been fully committed to this deal and I am very pleased that we have been able to get to the stage of achieving such an ambitious deal for the region. Edinburgh and its city region is an area of huge importance to the Scottish economy, containing over a quarter of Scotland’s population and contributing £33 billion to the Scottish and UK economies.
"The projects agreed today will help the region continue to thrive and grow, fulfilling our ambitions for the region to be one of the fairest and most inclusive areas in the country."
(LM/MH)
