A funding package to bring economic development to mid Wales could be signed and sealed by the end of the year, council leaders say.

The long awaited Mid Wales Growth Deal will go under the microscope on September 21, when the Growing Mid Wales Board will be asked to consider a range of documentation that will form the basis for a Final Deal Agreement, signalling the end of the development phase of the process and moving on to specific business cases.

The deal has the potential to generate capital investment of between £280 and £400million over the next 10-15 years, generating a projected estimate of up to 1,100 jobs and a range of £570-700m Gross Value Added to the regional economy over time, the Welsh Government says.

Mid Wales MS Russell George said he was pleased to see the deal move closer to becoming a reality. "I have been a long-time advocate of pushing for a Mid Wales Growth Deal, and was pleased that the Welsh Government accepted the recommendation from the Senedd committee I chaired to agree to this proposal," he said.

"The investment will bring real growth and new opportunities to Mid Wales and will be used in areas such as digital infrastructure, transport, agriculture, tourism, all areas which are of huge importance to Mid Wales and will matter even more as we emerge from the other side of this pandemic.

"I would have liked the process and decisions of getting to this stage and have been quicker, and I’m keen to see a final deal agreement in place and that we get to a stage where we can see the details of specific projects.

"What is particularly pleasing is that the UK & Welsh Governments have closely worked together on securing this deal, in conjunction with the two local authorities. I am pleased that we are now one huge step closer to seeing exciting projects for Montgomeryshire and Mid Wales become a reality."

In December both UK and Welsh Governments committed to invest £55million each after they signed Heads of Terms Agreement with the region’s two local authorities.

The Portfolio Business Case has been scoped from eight priority growth areas for intervention, including digital connectivity, applied research and innovation, energy and skills.

The Leader of Powys County Council, Cllr Rosemarie Harris said: "It is a major step, but we know there is much more to do, and we look forward to working with residents, private sector partners and both governments in the interests of all our communities. It has to be strategic and based on sound financial management capable of delivering economic growth for the region.

"We are hoping to have the final deal agreed before the end of the year – before we can then move on to discuss and shape the detail of the proposals with our key partners in Mid Wales."