The North Wales town of Blaenau Ffestiniog is set to benefit from over £3m from the Convergence European Regional Development Fund as part of an ambitious renewal strategy for the area.
A series of regeneration projects, worth £4m in total, will be funded by the EU in partnership with the Welsh Assembly Government, Gwynedd County Council and the private sector.
Welsh Labour MEP, DEREK VAUGHAN, said:
"The regeneration of Blaenau Ffestiniog will provide the basis for attracting more investment and tourism into the town.
Given the economic climate, the various schemes, outlined in the Blaenau Ymlaen Regeneration Strategy, will be a significant boost for residents and local businesses alike. It is a welcome tonic that will allow the town to develop economically and build a more sustainable future for itself and for local people.
The European Union’s Structural Funds programme, which runs until 2013, is committed to investing over £750m in Wales. This latest announcement shows how the EU is delivering for towns and communities right across the nation, helping to transform the economic and social fortunes of large parts of Wales."