NEWPORT council leaders have thrown their support behind a project which could see the city benefit from a share of £1.28bn.

A special meeting of Newport City Council’s Labour-led Cabinet was held this afternoon to discuss the latest progress on the Cardiff City Deal, which will see ten local authorities from Monmouthshire to Bridgend join forces to boost the economy of the entire area.

The project will involve a £580m investment from each the UK and the Welsh Governments as well as £120m from local authorities – of which Newport would be responsible for £38m – over a 20 year period.

Speaking at today's meeting the council’s leader Cllr Bob Bright said he was in favour of the scheme, but felt it was important Newport did not find itself marginalised in favour of Cardiff in the final plan.

“If you look at Newport’s GVA (gross value added) profile, it’s similar to Cardiff,” he said.

“We’ve got all the ingredients to become an economic hub and making a generous contribution to the GDP (gross domestic product) of the region.

“That seems to be ignored.”

He added refusing to back the project would represent a missed opportunity for the city.

“The people of Newport won’t thank us in 10 or 15 years if we do nothing and nothing happens and Newport becomes a desert,” he said.

Deputy leader Cllr Ray Truman was enthusiastic in his backing for the scheme, calling it “a unique opportunity”.

“It’s something we should grasp with both hands,” he said.

“Let’s have a look at it and get some more detail and we should make a decision than.”

Members voted unanimously to back the scheme in principle, although this did not represent a final agreement or a financial commitment on the part of the council.

Although UK chancellor George Osborne has previously said he wanted to see the entire deal agreed in time for his March budget, the council’s chief executive Will Godfrey said during this afternoon's meeting it could be as late as early 2017 before it was signed off.

Along with Newport the other regions involved in the City Deal are Monmouthshire, Torfaen, Blanau Gwent, Caerphilly, Cardiff, Bridgend, Merthyr Tydfil, Rhondda Cynon Taf and the Vale of Glamorgan.

To view the full report presented to the cabinet visit newport.gov.uk.