The plan to invest £1.3 billion in Greater Glasgow will be used to fund numerous schemes across the city and beyond, with Glasgow City Council leader Gordon Matheson describing the City Deal as “fantastic news” for the area. The UK Government and Scottish Government will each commit £500 million in grant funding while the local authorities involved, including West Dunbartonshire Council (WDC), will collectively borrow a further £130 million as part of a scheme that is expected to unlock private sector investment of £3.3 billion.

The creation of 15,000 construction jobs during the construction period is also predicted as well as a further 28,000 permanent additional jobs once construction is complete.

Cllr Matheson said: “It will help us to move to the next level in terms of economic growth for the City Region.

“We have been working closely together with the UK Government on this project for some time, and I am delighted to say it has borne fruit.” Last week, speaking ahead of a speech on the referendum in Perth, Prime Minister David Cameron said the money would help pay for roads, bus services, employment programmes and an airport rail link.

Deputy First Minister Nicola Sturgeon later confirmed the Scottish government had promised to contribute £500m to the scheme.

In West Dunbartonshire the regeneration of a contaminated industrial site near the village of Bowling is also expected to be given a kick start as a result of the new funding measures.

The former Exxon site is one of the nominated projects that could benefit through the City Deal proposal that aims to fund major infrastructure across the city and in the eight participating local authorities.

The 81 acre site has been identified as a key project that would require around £27.9 million investment to pay for decontaminating the derelict land in order to make it ready for the development of offices and warehouses.

The project would also involve the construction of a new section of the A82 to allow heavy traffic to bypass neighbouring Milton.

Exxon is currently in the process of decontaminating the site through a procedure known as bioremediation, as it was used as a petrochemical plant for a number of years.

Martin Rooney, leader of WDC, was quick to welcome the new funding stream that is also expected to provide a massive shot in the arm to the Greater Glasgow economy with the resurrection of the Glasgow Airport Rail Link (GARL) also on the cards.

Cllr Rooney said: “I really welcome this announcement and believe the offer made by the UK Government is a fantastic opportunity for West Dunbartonshire and neighbouring authorities to grow the economy of this region.

“We obviously need to take time to consider the details, and hear what the Scottish Government have to say, but the chance to bring £500 million worth of funding to the area is one that I think most people would be excited about.

“We have always stated that regeneration and jobs are our priorities and the City Deal would seem to support these ambitions for the next 20 years.” It was announced last year that Glasgow would be the first city in Scotland to benefit from City Deal status while similar deals are already in place in Manchester, Leeds and Liverpool.

Stuart Patrick, chief executive of Glasgow Chamber of Commerce, said: “This City Deal has the potential to deliver significant economic and jobs growth across the Glasgow metropolitan region.

“The model has a proven track record in England, boosting the economies of many of our competitor cities.” Project to assist people on Employment Support Allowance with DWP making £4.5million available over three years.

• DWP will provide support of around £300,000 towards a pilot to support new employees in the workplace.

• DWP will work with the local authorities to review the way in which young people are supported.

• Detailed work will be undertaken during July to create a City Deal document and more information will be announced shortly.

• The eight local authorities collaborate on strategic issues through the Clyde Valley Community Planning Partnership to make the city region more outward-looking and better connected to European and global markets.

• Create a strong growing core in Glasgow while exploiting growth opportunities across the region.