The UK and Welsh governments have signed a growth deal with local representatives that could see the creation of 4,000 jobs in the North of Wales.

The secretary of state for Wales Alun Cairns, Welsh government minister for international relations Eluned Morgan, and the leaders of the North Wales Ambition Board, Cllr Dyfrig Siencyn and Cllr Mark Pritchard, have signed the Heads of Terms for the North Wales Growth Deal.

Growth deals provide funds to local enterprise partnerships (LEPs) – partnerships between local authorities and businesses – for projects that benefit the local area and economy.

The UK and Welsh governments are investing £120m each into the North Wales Growth Deal, which aims to create 4,000 jobs and secure over £500m in private sector investment over the next 15 years.

‘The UK government is working to bring greater investment, growth and job opportunities to communities across Wales and today’s signing represents real progress in achieving those aims,’ said Mr Cairns.

‘The North Wales Growth Deal is a huge and exciting opportunity to transform the region and help rebalance the Welsh economy. We will continue to work with our partners to develop the growth deal and ensure it is delivered for the people and businesses of North Wales.’

Welsh government minister for international relations Eluned Morgan said the deal had the ‘potential to transform the region.’

‘Signing this Heads of Terms today demonstrates our commitment to the Ambition Board and regional partners to work together for the people and businesses of North Wales.’

Cllr Dyfrig Siencyn, chair of the Ambition Board and leader of Gwynedd County Council, said: ‘By signing the Heads of Terms we have shown our dedication and commitment to the region.

‘We will continue to work together for the people and businesses of North Wales, with the joint aim of creating jobs, boosting the economy and delivering a growth deal that will have a positive and lasting impact for generations to come.’

Cllr Siencyn added that ‘the hard work starts now’.

‘Our next steps will be to begin implementing the priority projects and leverage funding from the private sector in key areas,’ he said.

‘Next year will be crucial in laying the foundations for the future and securing the commitment of organisations and businesses in taking these programmes forward.’