A £110 million project that aims to create up to 1,400 new jobs in mid Wales has been given the green light.

Officials from the UK and Welsh governments have today signed off on the final deal agreement of the Mid Wales Growth Deal – a combined project by Ceredigion and Powys council.

The Mid Wales Growth Deal will bring a combined investment of £110m from UK and Welsh Government, which is expected to lever in significant additional investment from other public and private sources maximising the impact in the Mid Wales region.

In addition, the programmes and projects supported by the Growth Deal will be expected to produce wider social and economic benefits, such as enhanced quality of life, creating business opportunities following the impact of Covid-19, decarbonisation in industry and consideration of climate change impacts.

The deal’s aim is to create between 1,100 and 1,400 new jobs in mid Wales by 2032 through supporting a number of projects.

The projects included in the growth deal are:

• Innovation Park – Led by Aberystwyth University, estimated investment of £30m for 10,000 square metres office and research and development spaces space.

• National Spectrum Centre – Led by Aberystwyth University estimated invest-ment of £17m.

• Food Manufacturing Innovation Centre – Led by Food Centre Wales, which is part of Ceredigion County Council, this is a £4.4m project to deliver a state-of-the-art food manufacturing innovation centre at Horeb, Llandysul.

• Canolfan Tir Glas/University of Gastronomy – Trinity Saint David’s University in Lampeter hopes to establish a centre for rural enterprise that will promote the local food industry, cost estimated to be £8m.

Ceredigion harbours – cost of between £20m to £30m is an outline proposal for two major marina/harbour developments in Aberystwyth and Aberaeron.

• An estimated £24.2m for the Centre of Alternative Technology in Machynlleth to create an “immersive learning experience” to produce skills for workers needed in the renewable energy, “sustainable” construction, food, land use and tourism.

• An estimated £12.7m for an Elan Valley Lakes project – there Dwr Cymru would investing in facilities for leisure, sport, and nature activities, including visitor accommodation.

• An estimated £24.4m to restore the Montgomery Canal for tourism and leisure.

Other Mid-Wales wide projects include improving digital connectivity which would cost £3.6m and identifying areas to provide business/industrial units.

Councillor Ellen ap Gwynn, Leader of Ceredigion County Council and joint chair of the Growing Mid Wales Board said: “We’d both like to thank UK Government and Welsh Government for the support and commitment shown to ensure this hugely significant investment for Mid Wales. Both Rosemarie and myself have worked tirelessly over recent years to ensure this investment turned into a reality – and this signing at last marks the final phases of development before the funding can start flowing.”

Leader of Powys County Council, Councillor Rosemarie Harris said: “I am delighted to be able to share this signed agreement with the businesses and communities of Mid Wales. We’ve worked hard to secure this investment in what has been a challenging period as businesses and the public sector have responded to the Covid pandemic.”

The signing of the agreement means that the delivery framework of the Growth Deal is now in place to allow programme and project business cases to come forward. The Growth Deal is a long-term investment that can provide capital funding to support regionally significant interventions that drive private sector investment and stimulate growth.

Both Leaders added: “Collectively, we look forward to seeing the benefits this important investment will bring for people and businesses across Mid Wales. There are some hard yards ahead of us yet to ensure this investment makes a difference to our communities. However, we have invested time, effort and have a team in place to help move this forward.

“Working alongside both Economic Development teams in Powys and Ceredigion – the Growth Deal team will ensure we align investment potentials to the right funding opportunities. We actively encourage our businesses and stakeholders to make their investment proposals known to our team – so that we can work together towards long-term success”.

Minister for the UK Government, David TC Davies, said: “This is an incredibly important milestone for Mid Wales. The UK Government has huge ambitions for the people of mid Wales, and these ambitions will now be backed by £55m UK Government investment. This Deal has the power to transform livelihoods, creating jobs and spreading prosperity and I’m absolutely delighted to be signing it today. I look forward to seeing the tangible benefits of today’s agreement in the coming months and years.”

Welsh Government Economy Minister, Vaughan Gething said: “I am delighted to be able to sign the Final Deal Agreement today alongside our regional partners and the UK Government. This signals a major step forward for the region and it is important that momentum is maintained so that the region can progress towards the delivery of the Deal.

“The Mid Wales Growth Deal, boosted by £55m Welsh Government investment, has an important role to play in our immediate economic recovery and reconstruction in light of the Covid-19 pandemic. I am now keen to see the region take forward implementation and investment in projects and programmes which will help deliver tangible and significant benefits for the regional economy.

“It will also be key to deliver against the future vision and priorities for Mid Wales, helping to promote the economic wellbeing of the region whilst addressing some of our collective ambitions around decarbonisation and a more prosperous, green and equal economy.”