The 10-year Rural Growth Deal (RGD) for Argyll and Bute will see the Scottish and UK Governments each contributing £25m to the programme, and the council and its partners providing at least £20m of match funding.

The RGD is designed to deliver at least 300 additional jobs, training opportunities for more than 6,000 people, support for business growth, new housing and worker accommodation, and more than 70,000 additional visitors to the area every year.

Scottish Secretary Ian Murray said: “It was an absolute privilege to visit the Isle of Bute to sign the transformational £70m Argyll and Bute Rural Growth Deal. Being the final of Scotland’s 12 city and growth deals, it was an extra special moment. This means a package of more than £3 billion UK Government and partner investment is driving local growth and improving living standards for communities the length and breadth of Scotland.

“The UK Government is investing around £1.4bn into important local projects across Scotland over the next 10 years - including £25m for the Argyll and Bute Rural Growth Deal. This is our Plan for Change in action, working with the Scottish Government and local partners with investment and reform to turbocharge growth and put more money in people’s pockets.”

Deputy First Minister Kate Forbes said: “Argyll and Bute is full of potential with its rich history, spectacular scenery, vibrant communities and abundance of natural resources.

“We are providing £25m through this Deal to create jobs, attract investment and secure the region’s economic future. The Deal will support projects to drive innovation in marine science, support training that enables local people to access jobs and boost tourism to deliver sustainable economic growth.

“The Deal’s signing fulfils our commitment to ensuring that all areas of Scotland are supported by Growth Deal funding.”

Leader of Argyll and Bute Council, Councillor Jim Lynch said: “This is significant and very welcome investment in the economy and longer term future of Argyll and Bute. Our area boasts a number of key industries that support not only our local economy, but that of Scotland and the UK more widely.

“Scotland and the UK need rural and island areas like Argyll and Bute to succeed, and this growth deal is key to achieving that success. Partnership has been key in reaching this stage and will continue to be so. I look forward to working with our national and local partners in transforming this investment into economic benefit for Argyll and Bute.”

The Deal was signed on Bute, home of Rothesay Pavilion, the first project expected to be delivered with support from the Rural Growth Deal. The renovation of the 1938 Pavilion is designed to transform the building into a valuable resource for day-to-day life on Bute, and a driver for the island economy as a national tourist destination.

Projects for delivery through the Argyll and Bute Rural Deal can be found here.