The Regeneration Capital Grant Fund (RCGF) has been developed in partnership with local authorities, will provide financial support to projects that will help deliver large scale improvements to deprived areas.
The fund will be open to local authorities, urban regeneration companies and regeneration special purpose vehicles.
Deputy First Minister Nicola Sturgeon made the announcement during a visit to Govan Workspace in Glasgow. It is a project supported by the European Regional Development Fund and involves the transformation of the 1670m2 derelict Fairfield Shipyard offices in Govan into 12 new workspaces for SMEs and social enterprises.
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Speaking about the new investment, Ms Sturgeon said: "Investment in large scale regeneration projects is absolutely key for stimulating economic growth throughout Scotland.
"The development of this fund is a great example of how Scotland’s public bodies can work in partnership to deliver initiatives that help to create more jobs for Scottish people, while bringing our communities closer together and injecting new life into deprived and run down areas.
"Community involvement is integral to the success of the design and delivery of local economic and social regeneration initiatives."
The Convention of Scottish Local Authorities (COSLA) will work alongside the Scottish Government on the initiative.
(JP/CD)
