A New City Deal to help create thousands of manufacturing jobs has been secured in Sunderland.
The bid to Government for a deal was made by Sunderland City Council and South Tyneside Council.
A new International Advanced Manufacturing Park (IAMP) to the west of the A19 and across the borders of Sunderland and South Tyneside is just one of the things that the money will go towards.
The business park is predicted to attract £295m of private sector investment and create an around 5,200 new jobs.
The deal also includes a range of Government improvements to the A19 plus confirmation that £82.5m will go towards the long-awaited Wear bridge project and its approach roads.
A new Central Business District will also be developed on the site of the former Vaux Brewery.
Councillor Paul Watson, Leader of Sunderland City Council said: “This ambitious and successful bid recognises the potential for growth in the region’s manufacturing sector.”
The Government is pledging its full backing and has released an initial £5m to support the planning phases of the park’s development.
Cllr Watson added: “This is a City Deal building on the region’s successful track record of partnership working and the Government has now released the money in a form that allows us to get on and build our bridge.
“The people of Sunderland are now going to get something that they have wanted for 100 years and have been campaigning about for 50 years, thanks to the work of officers and this council.
“We’re going to be delivering this bridge, and have got the money for this bridge, and at a time of recession.”