A scheme that could see major developments take place across Ceredigion and Powys have been rubberstamped by both county councils.

Ceredigion and Powys councils’ cabinets met independently on Tuesday to give their backing to the Mid Wales Growth Deal portfolio business case, that would see region receive a £110 million funding injection, which may now be signed off by Christmas.

The document which provides a framework for the growth deal that could transform the region’s economy, will now go to both Welsh and UK governments to be reviewed.

The portfolio business case had been agreed by the Growing Mid Wales Board last month, but both the Powys and Ceredigion council “sovereign” cabinets also needed to give it the thumbs up.

Ceredigion’s cabinet gave the scheme its approval with council leader Ellen ap Gwynn saying the backing is a big step forward to drawing vital money to the area to boost the economy

Cllr Aled Davies, finance portfolio holder at Powys County Council, told Powys’ cabinet: “We’ve established a strong base camp and now the really exciting stuff comes in to play, when we’re looking at opportunities that present themselves.

“I see it as a catalyst for growing the economy in mid Wales, there’s exciting times ahead.”

The documentation includes a number of possible projects in both Powys and Ceredigion that could be invested in:

• 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 investment of £17m.

• Food Manufacturing Innovation Centre – Led by Food Centre Wales, this £4.4m project would 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 D?r 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.

But it was stressed at the meeting of Powys’ cabinet that it was still possible for other ideas to be proposed and make their way into the deal.

During the last year there have been calls for councillors outside the cabinets of both authorities to be involved with the deal.

It is thought that the deal could see investment of between £280m and £400m over the next 10 to 15 years, which could create 1,100 jobs.