It aims to deliver inclusive economic growth across the region through housing, innovation, transport, skills and culture. The Scottish Government and the UK Government will each invest £300 million over the next 15 years.
The funds will go to scientific research on space, health sciences, agri-tech and food and drink at Heriot-Watt, Queen Margaret and Edinburgh universities.
The deal will also see the creation of five new innovation hubs, including in robotics and space technologies, and a new 1000-seat Edinburgh concert hall.
The Scottish Government's investment in the City Region includes:
• £60 million towards a Data Driven Innovation programme of investment, including the creation of economic infrastructure across the region to ensure that businesses and communities across the region are fully able to engage in the resulting opportunities.
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• £65 million towards a regional housing programme, including the creation of a new housing company and housing infrastructure funding to enable the delivery of 41,000 new homes .
• £120 million for transport improvements to Sheriffhall Roundabout.
• £20 million for public transport improvements in West Edinburgh
• £25 million for an Integrated Regional Employability & Skills Programme to reduce skills shortages and gaps and deliver opportunities for people across Edinburgh, the Lothians, Fife and the Borders.
• £10m towards a new concert venue for the city, providing a home for the Scottish Chamber Orchestra and reinforcing Edinburgh's reputation as a leading centre for music and the performing arts.
The Scottish Government's investment will contribute towards 41,000 new homes, 21,000 jobs and improve the skills of an estimated 14,700 people.
First Minister Nicola Sturgeon said: "Edinburgh and the South East of Scotland is an area of huge importance to the Scottish economy. The region contains over a quarter of Scotland's population and contributes £33 billion to the Scottish and UK economies.
"Our investments will ensure businesses and communities from across the region benefit from the opportunities created by this the city region deal.
"Taken together these projects will help the region continue to thrive and grow, fulfilling our ambitions for the region to be one of the fairest and most inclusive areas in the country."
(CM/MH)
