The Scottish Government is prepared to invest up to £85 million over ten years to drive inclusive growth across the region.
It will fund economic development activity across a range of themes, including digital connectivity, tourism, regeneration and skills.
Announcing the Scottish Government's commitment, Mr Matheson called on the UK Government to match the funding in the Chancellor's spring statement. He said: "I am delighted to confirm that the Scottish Government is investing up to £85 million in the Borderlands Deal to support and develop the South of Scotland economy.
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"Alongside the establishment of a new enterprise agency for the south of Scotland, and the activity being taken forward by the South of Scotland economic partnership, this investment will help to drive inclusive growth that delivers significant and lasting economic benefits for individuals, businesses and communities right across the region.
"I call on the UK Government to match our financial commitment, over the same timescale of ten years, to deliver a package of transformational investment that will harness the region's full economic potential."
