The Greater Cambridge Greater Peterborough Enterprise Partnership has welcomed a multi-million pound fund to help create jobs and support businesses.
Announced in the wake of the devolution deal for Cambridgeshire and Peterborough, the £37.6 million cash boost has been awarded by the Government on top of £109 million Growth Deal already allocated.
Communities Secretary Sajid Javid said: "As part of efforts to deliver an economy that works for everyone, the Government is devolving powers and resources directly from Whitehall to local people who know their areas best.
"That is why we're giving £37.6 million of new money to the Greater Cambridge Greater Peterborough LEP to give businesses the support and opportunities they need to achieve their potential - on top of the £109 million we have already awarded."
It is expected that the new investment in the local economy will help innovation at the area's Enterprise Zones, along with skills attainment, the development of new homes and improved infrastructure.
Mark Reeve, LEP chairman, said: "Our Growth Deal award of £37.6 million comes on the back of a strong devolution deal for Cambridgeshire and Peterborough, funding for work on East-West Rail worth £110 million and an additional £27 million to support study work for the Oxford to
"This continued investment in our LEP area is critical to unlock key barriers to growth."