The setting up of a £70 million commercial development war-chest will stimulate jobs, opportunity and growth.
The Collective Investment Fund (CIF) will help unlock a further £1 billion private sector investment over the next 10 years.
Councillor Bob Sleigh, Shadow Chair of the West Midlands Combined Authority, said:
“Bringing forward commercial development to bring jobs, greater prosperity and growth to our area is a key priority for the Combined Authority.
“The CIF is a major commitment by the West Midlands Combined Authority to kick-start and stimulate commercial development. The West Midlands is home to over 4 million people and is one of the most popular places to do business as well as being a retail hotspot. We want to build on this and encourage further investment.
“We will be providing short-term loans to private sector developers who struggle to access all of the funding they need to get schemes off the ground and secure further funding from banks.
“The fund will be managed by Finance Birmingham and it is anticipated that the first investments will be brought forward for consideration by the new WMCA Investment Board this summer.
“It’s also intended that the new Investment Board will also oversee the the WMCA’s £200 million land remediation fund which is designed to bring unviable brownfield sites across the region back into economic use for employment or housing.”