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9 May 2012, 16:05 | Updated: 9 May 2012, 16:14
There are claims around 12,500 new jobs would be created in Cambridgeshire, Peterborough and the surrounding area by investing in big projects.
The Greater Cambridge Greater Peterborough Local Enterprise Partnership (LEP) has revealed a shortlist of schemes that will be considered for funding.
The body was set up to help decide which large-scale, costly, projects in the area should get a share of £16.1 million in government funding.
The LEP has announced the following infrastructure projects would be most beneficial by attracting more businesses and investment to the area:
Formal announcements about which projects will get money will be announced during the next few weeks.
Neville Reyner CBE DL, Chair of the LEP, said: "We are delighted to announce such a diverse range of shortlisted projects for Growing Places Funding ranging from space for businesses to set up and grow through to vital infrastructure priorities that are all currently held back due to funding constraints.
The first round of Growing Places Funding has been specifically targeted at projects that can get underway within this financial year.
Importantly, most of the schemes will be repaying the money provided to them over time so creating a revolving LEP capital fund that can in turn help even more projects get off the ground in the future."