£3.2m of funding is to go towards the development of an industrial site, which will help create construction jobs in North Lanarkshire.

It is thought the Dundyvan project in Coatbridge will create around 100 jobs, with an additional 12 full time construction positions also being opened up through the development.

The site is to be transformed into a business centre which will provide operational space for up to sixteen companies.

The funding was announced by deputy First Minister Nicola Sturgeon.

£2.1m is being injected by the Scottish Partnership for Regeneration in Urban Centres (SPRUCE) Fund, which has been established with money from the Scottish government and the European Regional Development Fund.

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A further £1.1m will come from project sponsors Fusion Assets and CBC Glasgow Ltd.

Ms Sturgeon said: "Significant investments like today’s £3.2m boost for Coatbridge are central to stimulating economic growth across Scotland.

"Not only do they provide opportunities for new business and encourage entrepreneurs, they create substantial numbers of new jobs – something that is absolutely imperative in tough economic times.

"This investment will transform a disused site into a modern business centre, which we believe will become a thriving home for local companies."

Councillor Tom Maginnis, Vice Chair of Fusion Assets said: "I welcome the announcement of the first funding award to the Dundyvan project, which will result in the development of a long standing derelict site, bringing with it a new investment and economic opportunities to the Coatbridge area."

CBC Managing Director, James McAlpine, said: "We are delighted to be working in partnership with North Lanarkshire Council through Fusion Assets. It demonstrates how innovative forward thinking organisations in both the public and private sectors, even in today’s challenging economic climate, can deliver deals which buck the trend."

(IT/GK)