Ayrshire Growth Deal to be delivered five years sooner than expected
The investment is now being delivered across ten years.
The Ayrshire Growth Deal will be delivered five years earlier than expected.
The deal promises more than £200m worth of investment across the region in projects to boost the local economy and employment opportunities.
UK Chancellor Rishi Sunak will confirm in his budget today, the funding timescale will be decreased from 15 years to 10 years.
It's to allow for faster growth and economic recovery for the local area post pandemic.
The Ayrshire Growth Deal is funded by both the UK and Scottish Governments and includes projects such as a National Energy Research Demonstrator Project in Cumnock, which will develop leading edge technologies for energy generation and storage.
In Prestwick, there will also be a major programme to strengthen its position as a UK centre of excellence in space and aerospace.
The deal includes the development and regeneration of The Great Harbour, at Irvine Harbourside and Ardeer, to create a unique coastal tourist destination.
Construction is already underway to transform the former Johnnie Walker site in Kilmarnock into a commercial, educational and advanced training hub, with focus on sustainability and low carbon energy.
It will also hopes to leverage private sector investment of more than £300 million, with the potential of creating up to 7,000 new jobs.
Spokesperson and North Ayrshire Council Leader, Joe Cullinane, says, "We really welcome the announcement that the UK Government will accelerate the programme following our calls.
"It will mean we can put the foot down and bring some of the projects to fruition sooner. Hopefully we will see them really building momentum over the next few months."