The UK Government has approved the Full Business Case for the Forth Green Freeport following Scottish Government sign-off in October.
The approval paves the way for £25 million of seed capital funding to support the reindustrialisation of the freeport area and attract investors, according to the organisation.
FGF said its chair Dame Susan Rice DBE, the three local authorities and both governments will now sign a Memorandum of Understanding to release the multimillion-pound funding and allow identified projects to begin.
The programme will target offshore wind, hydrogen, sustainable fuels, modular manufacturing and logistics to support economic regeneration over the next decade.
“This is an important day for Forth Green Freeport as we successfully gain final government approval of our Full Business Case,” chief executive officer Sarah Murray (pictured) said.
“The next step to fully activate the Forth Green Freeport is the signing a Memorandum of Understanding to allow the release of the £25million funding to kick start the initial projects,” Murray said.
FGF became operational on 12 June 2024 and aims to attract new businesses and jobs through tax and customs incentives.
An economic impact assessment projects £7.9 billion of investment and an £8.1 billion boost to gross value added, with up to 34500 jobs created.