INVERCLYDE has officially signed up to the giant £1 billion ‘city deal’ scheme which will deliver key local projects and 1,500 jobs for the area.

Council leader Stephen McCabe put pen to paper on an agreement with both the UK and Scottish governments and seven other partner local authorities.

Under the initiative, three infrastructure developments will take place in the district.

Greenock Ocean Terminal will be expanded at a cost of £14.2million, a £9.4m renewables hub will be established at Inchgreen drydock and road improvements worth £3.8million will take place on the A78 at Inverkip to pave the way for redevelopment of the former power station site.

The UK and Scottish governments will each give the city region £500million in grant funding, and the local authorities will pump in a further £130m.

Council leader Stephen McCabe said: “This investment is a once in a lifetime opportunity and one not to be missed by the west of Scotland councils. Investment in the wider city region provides real benefit to the broader area and to the Inverclyde economy through improved infrastructure and job prospects.

“In addition to this, Inverclyde can directly benefit from investment of over £27m into projects in our local area.

“I am delighted to sign the city deal agreement to start the process of delivering this major investment programme for the Glasgow city region and to establish Inverclyde as a key partner.” The City Deal was developed by officers from the eight participating local authorities in the Glasgow City Region and other local partner organisations.

Work on the road improvements at Inverkip should be ready to start in just over two years and be completed by October 2017.

The Ocean Terminal expansion project is to begin in 2017.

Investment at Inchgreen is scheduled to start in 2021.

The other councils taking part in the ambitious initiative are Glasgow City, East Dunbartonshire, East Renfrewshire, North Lanarkshire, Renfrewshire, South Lanarkshire and West Dunbartonshire.

Gordon Matheson, leader of Glasgow City Council, said: “The signing of this City Deal is a momentous day for the Glasgow City region.

“I look forward to working with all of our partners to deliver this hugely important project in the years to come.”