Ministers of the UK and Scottish Governments and representatives of five councils including Northumberland signed the Borderlands Inclusive Growth Deal at a virtual ceremony.
The project aims to bring a transformative step change for businesses and communities by increasing productivity, growing the working age population, and delivering a more inclusive economy.
The ambition is to deliver up to 5,500 jobs and £1.1billion of additional Gross Value Added (GVA) with a sustainable and inclusive approach to growth.
Northumberland council leader Glen Sanderson said: “I’m delighted to have signed this deal which is hugely important for us.
“It will improve the lives and boost prospects for so many people – not just in Northumberland but across the wider Borderlands area.
“It’s a great example of how working together, across councils and governments, we can secure major investment for our region.
“Here in Northumberland we’re already seeing the benefits, with investment confirmed for Berwick Theatre and Hadrian’s Wall to complement the previously approved schemes of Alnwick Garden Lillidorei and Ad Gefrin visitor experience and distillery in Wooler.
“And while we’re really proud of what we've achieved so far this is just the start. There’s a bright future ahead as the funding and projects roll out over the coming years.”
Delivery has started on some of the projects, following the release of early funding by the UK Government.
It includes £5m towards the building of Lilidorei, a large-scale new play village to enhance the visitor offer at the Alnwick Gardens and a £3m investment towards the Ad Gefrin visitor experience and distillery in Wooler.
Communities Secretary, Robert Jenrick, said: “The Borderlands Growth Deal will realise a new era of regeneration and opportunity as we build back better from the pandemic.
“The Ad Gefrin Visitor Experience and Distillery, and the Carlisle Station regeneration project are just two examples of schemes already benefiting from the Deal which will create jobs and improve regional connectivity. We’re levelling up across the UK by investing in jobs, driving economic growth, and strengthening our cross-border links.”