THE Stirling and Clackmannanshire City Region Deal is expected to trigger a ripple effect of investment in the area worth up to £600million.

The £90.2million pledge outlined by both the UK and Scottish Governments in the Heads of Terms agreement signing on Wednesday was followed up by a further pledge of £5million from the Scottish Government for projects in Kildean and Callander.

The initial investment form both will be match funded by £124million from private and public partners, which will unlock future additional private investment of between £500m and £600m, bringing an estimated 5,000 jobs to both areas over the course of the projects being rolled out.

The funding was revealed at a special event at the Engine Shed in the City centre, where Stirling Council Leader Scott Farmer, Clackmannanshire Council Leader Ellen Forson, elected members, invited guests and media joined Cabinet Secretary for Economy, Jobs and Fair Work, MSP Keith Brown and Secretary of State for Scotland, MP David Mundell to discuss the package.

Cllr Farmer said: “The funding revealed will be matched by around £124million from our partners in the private and public sector, pushing the initial total value to well over £214million.

“That will then unlock additional private investment of up to £600m, bringing in 5,000 jobs to the area.

“At the outset of this project we said we wanted to bring transformational change to the area and the investment announced by both governments will help us fast track the realisation of those ambitions for Stirling.

“We always knew that the funding provided by a successful bid would never be a panacea for all of Stirling’s long term economic challenges, but we are confident that the figures and detail agreed in [Wednesday's] heads of terms will act as a catalyst to put us on the path to achieving our goals.”

Convenor of the council’s Finance and Economy committee, Councillor Margaret Brisley said: “We’ve been pledged more than £90million of funding from the governments that we otherwise wouldn’t have had and we believe that will trigger even further investment in the area.

“Those projects not receiving direct funding through City Region Deal, or receiving only part funding, we will seek to secure investment in from other sources.

"The programme will be delivered over a 10-year period with many projects expected to be delivered over the next two-three years.

“Significant progress has already been made on some of the projects through Stirling Council’s own investment through the capital programme and we are committed to ensure all investment through our City Region Deal is used to ensure opportunities for local people and businesses wherever possible.”

The City Region Deal has been a two-year journey which initially encompassed a broad package of proposed works and developments designed to achieve a sustainable economic future for Stirling and its people.

The ambitious bid was assessed by both governments against their national economic strategies, as well as the expected national and local economic impact from each project.

Through that process the funding has been allocated where both governments feel the greatest impact can be achieved.

As revealed earlier, this includes the creation of a unique Aquaculture Institute, the development of a Digital District programme of investment, funding for business infrastructure in Kildean as well as investment in a resort opportunity in Callander and a first-of-its kind National Tartan Centre, among others.

Also present for the Heads of Terms agreement signing was Stirling City Commission representative Neil McLean (United Auctions and City Commissioner) and Professor Gerry McCormac, Principal and Vice Chancellor of Stirling University – both pictured with Councillor Farmer, Keith Brown MSP (Cabinet Secretary For Economy), Ellen Forson (Leader Of Clackmannanshire Council) & David Mundell MP (Secretary Of State for Scotland).