The £1.3b City Regional Deal was formally signed off by Fife Council this week.
The cash is meant to deliver ‘‘transformational change’’ across several regions over the next 15 years.
The vast project involves six local authorities working together to achieve more than they could do individually.
They are Fife, Edinburgh, East Lothian, West Lothian, Midlothian and the Scottish Borders.
It was formally approved by councillors at this week’s meeting of the full Fife Council.
The huge pot of money will help all six tackle infrastructure as well as a host of economic barriers.
Cllr David Ross, Fife Council co-leader, said: “This Edinburgh and South East of Scotland City Region Deal investment is helping to deliver a transformational Fife Industrial Estates Regeneration Programme. Fife Council intends to work with regional university partners to harness their world-leading expertise in data driven innovation to deliver future-proofed industrial premises that will help Fife businesses become more competitive.
“The next step for us in Fife is to finish preparation activities for the industrial estates programme.
“The ambition is to develop ‘factories of the future’ by constructing new industrial and commercial stock and ensure that Fife’s technology parks and industrial estates have cutting-edge digital capability and are energy compliant. The regeneration of our industrial estates will enable a new approach to working with businesses in Fife to deliver a stronger, more innovative business community, with more employers and jobs.”
Cllr David Alexander, Co-Leader, added: “I am pleased that this City Region Deal is taking another step forward.
“With a real need to create more skilled jobs, boost businesses and develop more highly skilled workers, this City Region Deal is driving inclusive growth.
“Through working closely with partners, including other participating Local Authorities, the region’s universities, and businesses we are developing new approaches to stimulating innovation across digital and data driven technologies. Fife Council will also benefit from participation in the regional housing programme that will help deliver more affordable homes.”