The Coast to Capital Local Enterprise Partnership growth deal was signed by business minister Matthew Hancock last week at Ricardo, in Shoreham.
The deal will fund projects including an advanced engineering centre run by Ricardo and the University of Brighton in Shoreham and Adur flood defence schemes.
Martin Fausset, managing director of Ricardo Technical Consulting said: “We are pleased to host the growth deal signing which will benefit many businesses and communities in the coast to capital area.
“We are particularly pleased that the deal has funded continued development of our collaboration with Brighton University in creating a centre of excellence that will deliver leading automotive and environmental engineering training and research programs and also in the Adur flood defence schemes.”
Mr Hancock joined Steve Allen, vice-chairman of Coast to Capital and local politicians and business figures at the signing, which will benefit West Sussex, Brighton and Hove, Croydon, the Gatwick Diamond, Lewes and West Sussex.
Mr Hancock believed the deal would create ‘security’ for families, while the engineering facility would help train students to become digitally savvy.
He said: “Bringing thousands of jobs, homes and new investment to the area, this growth deal will bring security for local families.
“Working in tandem with the University for Brighton, this new investment will help students secure meaningful work experience, help small businesses to get digitally savvy and improve local infrastructure to ease traffic.”
The Government announced a £35.8 million expansion to the original £202.4 million growth deal package in January.
Growth deals were introduced around the country in an effort to revitalise local economies.
Coast to Capital chairman Tim Wates said the deal would help benefit everyone in the area.
He said: “This growth deal is a substantial boost for the Coast to Capital economy and will benefit everyone in our region.
“Importantly, this investment will help us move towards delivering the ambition set out in our strategic economic plan, creating sustainable growth that benefits all who live, work and study here.
“We are now working closely with partners to deliver a pipeline of exciting projects which will help unlock the region’s long-term growth, boosting job creation and international trade.”
Coast to Capital is one of 39 partnerships established across the UK by Government to determine regional economic priorities, while making investments and delivering activities to drive growth and job creation.
It is led by the business community and supported by the region’s local authorities, businesses and academic institutions.
For more information visit www.coast2capital.org.uk