Lancashire’s Local Enterprise Partnership is to receive an extra £17.2m to invest in the county between 2016 and 2021.
The Government will work with the LEP to bring together other funding – including the Public Works Loan Board – to support the delivery of this Growth Deal.
This is in addition to the £233.9m of funding committed by the Government in July 2014.
The additional proposed projects include an Engineering and Innovation Centre at the University of Central Lancashire (UCLan) campus in Preston.
It will deliver an Engineering Transformation Programme to enhance UCLan’s capabilities in knowledge exchange, training and research.
Also planned are improvements at junction 28 of the M6 at Leyland and the creation of a nearby Business Growth Centre.
The Lancashire Growth Deal is part of a long term plan to devolve at least £12 billion from central government to local economies.The plan aims for every part of the country to be a motor of growth for the national economy – building on the strength of the Lancashire area.
Lancashire LEP chairman Edwin Booth said: “We are building a hugely significant economic programme, which will deliver new investment, employment and housing growth opportunities in Lancashire.
“Today’s expansion to our Growth Deal announcement represents a further vote of confidence in the work of the LEP and its local partners”.
Coun Jennifer Mein, leader of Lancashire County Council said: “The Lancashire Enterprise Partnership and local partners have developed an expanded Growth Deal programme which supports the delivery of Lancashire’s long-term economic plan.”