MONMOUTHSHIRE has become the latest council in South-East Wales to confirm its involvement in the £1.2-billion Cardiff Capital Region City Deal.

There was applause as councillors voted unanimously to support the deal and agreed to contribute its £12.9-million share over 25 years.

It follows Rhondda Cynon Taf and Merthyr councillors also agreeing to pay their respective amounts in the £120-million pot, which is in the hands of 10 constituent councils.

The contributions will form a £495-million regional cabinet fund, which will be supported by £375 million from the UK government.

The cabinet, on which council leader Peter Fox will represent Monmouthshire, would come into force upon the fund’s commencement on March 1.

The aim of the fund, and the deal in general, is to generate more than £5 billion in combined private and public sector investment and create 25,000 new jobs by 2036.

A total of £734 million has also been set aside by the Welsh and UK governments, as well as the European Development Fund, to create the South Wales Metro scheme.

Speaking at the special meeting, Monmouthshire County Council chief executive Paul Matthews described the deal as “significant” and “ambitious”.

During discussions, Cllr Fox said: “It’s about collaboration, it’s about us coming together collectively to influence the economic fortunes for the whole region.

“The young people that live and grow up here might find that they can satisfy their aspirations within Wales instead of having to look across the border.

“We need to have opportunities for our young people to grow up and bring their families and have good high paid jobs here in the region.”