Cambridge and Peterborough’s economic development body has secured an additional £38 million of investment to support economic growth in area, taking the total raised from the UK government’s Growth Deal to over £100 million.

The Greater Cambridge Greater Peterborough Local Enterprise Partnership (GCGP Lep) says the funding will help in the generation of 15,500 new jobs and construction of 10,000 new homes across the Lep area.

Specifically, the funding will be invested into the following projects over the next five years:

• Ely Southern Bypass: Funding to support the construction of the much-needed Ely Southern Bypass – 1.7km of road that will connect the A142 to the Stuntney Causeway, relieving congestion in the city and supporting the creation of 4,500 new jobs and 3,000 new homes.

• Growing Places Fund: A £16.6 million boost to the LEP’s successful Growing Places Fund scheme that provides affordable loan funding to overcome key barriers to growth.

• Institute of Advanced Construction and a Highways & Civil Engineering Academy: A significant contribution towards the creation of a new national centre for higher level construction skills near King’s Lynn, and a local Highways & Civil Engineering centre near Huntingdon to provide skilled labour for the many key transport schemes planned over the coming years.

• M11 Junction 8 upgrade: Funding towards development work to upgrade the busy M11 Junction 8 interchange located near Stansted Airport