THE business community of the Cowdenbeath-Lochgelly area will benefit following the formal signing of a City Region Deal.

The Deal is an agreement between the UK Government, Scottish Government, the local authorities of Edinburgh, East Lothian, Fife, Midlothian, Scottish Borders, West Lothian and the region’s universities and colleges. There are also regional partners from the private and third sectors.

The UK and Scottish Governments will invest £300m each over the next 15 years with other partners committing to an additional £700m. The £1.3bn investment is anticipated to generate over £5bn worth of Gross Value Added (GVA) over the Deal’s lifespan.

Cllr David Ross, Fife Council Co-Leader, said: “This ambitious city region deal, identifies new and more collaborative ways that partners will work with UK Government and Scottish Governments to boost the regional economy.

“This Edinburgh and South East of Scotland City Region Deal investment will help to regenerate the region through Fife’s Industrial Estates Regeneration Programme.

“The ambition is to develop ‘factories of the future’ by constructing new industrial and commercial stock and ensure that Fife’s technology parks and industrial estates have cutting-edge digital capability and are energy compliant.”

Cllr David Alexander, Fife Council Co-Leader, added: “I am pleased that this City Region Deal is taking another step forward in helping people and businesses to thrive. With a real need to create more skilled jobs, boost businesses and develop more highly skilled workers, this City Region Deal is driving inclusive growth.

“Through working closely with partners we are developing new approaches to stimulating innovation across digital and data driven technologies.”