Work will begin on the landmark Growth Vision for North Wales after the first round of funding from the Welsh and UK Governments was received.
North Wales Economic Ambition Board can now move forward in laying foundations for the 14 "transformational" projects in the North Wales Growth Deal.
They cover agri-food and tourism, energy, land and property, digital, and innovation in high-value manufacturing.
The initial £16m injection is the first tranche from a £240m overall contribution - £120m each from both governments.
Portfolio Director Alwen Williams said: “This is a significant milestone, and a positive first step after an unprecedented 12 months.
“We’re investing in projects that will ultimately create thousands of jobs and have an effect on the lives of many families, businesses and organisations across multiple sectors.
“This is a pivotal time and – together with the Welsh and UK Governments – we will do all we can to help lead the region to a brighter future.”
Projects include the Glynllifon Rural Economy Hub, a redevelopment of the Denbigh Hospital Site and a North Wales Tourism Talent Network.
Economy and North Wales Minister Ken Skates said: “I’m pleased that today we’re able to announce another significant milestone as the first tranche of funding is released.
“This is good news for the region after a difficult year with many challenges ahead. The Growth Deal will be pivotal in the region’s recovery from the pandemic as it has the potential to unlock £1bn investment and create thousands of jobs.”
UK Government in Wales Minister David TC Davies says the investment will have a major impact on the wider economy.
“Every area of Wales is now covered by a Growth Deal and the fantastic news that the North Wales deal can now get up and running is a testament to the planning and hard work that has gone into making it a reality for the area,” said Mr Davies.
“Growth Deals like the one in North Wales will create jobs, services and businesses as we build back better and stronger from the pandemic and revitalise our local economies.”
Aberconwy MS Janet Finch-Saunders said: "The Growth Deal will become a vital step in building back better for North Wales, as our community looks to recover from the pandemic and transform our economic prospects. Brilliantly, this project has the potential to create up to 3,800 new jobs and to support an uplift of £2.2 billion for the economy.
“This initial £16 million injection is the first tranche from a £240m overall contribution - £120m each from the UK and Welsh governments. Once again, this project works to underline that Wales is stronger when we work constructively with our UK partners.”
