Millions of pounds in European funds are on the way to the Tees Valley.
And the move - which will see £141m invested - will see a major shift towards more localised spending.
Firms around the Tees Valley will now be able to apply for a share of funding from the latest round of the European Regional Development Fund. In a new twist, the Tees Valley Local Enterprise Partnership will shape how the money is allocated and invested.
Local Growth Minister James Wharton said: “We want local partners to come forward with how they want to use this money to drive forward the economy in the Tees Valley. As part of our long-term economic plan this money will provide a big boost to businesses and help create numerous jobs locally that will also benefit people living in towns and villages nearby.”
Around the country, £5billion is being made available from the 2014 to 2020 round of the European Regional Development Fund and the European Social Fund.
Neil Kenley, Tees Valley Unlimited’s director of business investment, said: “TVU’s plans for growth are driven by the needs of our businesses and our community and as such we have worked alongside partners and stakeholders to develop the Tees Valley European Structural and Investment Fund Strategy which sets out the key priorities for moving our local economy forward.
“With this allocation of funding we will work with DCLG and DWP as managing authorities of the programme to support the local projects that best deliver growth and jobs across the Tees Valley.”