The European Investment Bank has agreed to provide up to £100m to support urban regeneration projects across greater Manchester.
The long-term loan facility could be used to improve community buildings and public space, as well as initiatives to create jobs and cut energy bills across the city.
Manchester council chief executive Sir Howard Bernstein said: “This long-term loan facility with the EIB for projects which will have economic and social benefits in Manchester and Greater Manchester and generate jobs, savings and improved facilities is very welcome.
“It means that where the council was already planning to borrow for these existing schemes we have scope to do so at a much more competitive rate than anything which can currently be obtained commercially.”
The regeneration of St Peter’s Square, NOMA’s public realm and the regeneration of the New Smithfield Market could all benefit from the funding.
New investment projects could also be funded, including new facilities at the Hub on Manchester Science Park.
The new programme represents the first support for urban regeneration investment by the European Investment Bank in the UK outside London.
The EIB has in recent years supported £820m of Manchester investment projects, including social housing and the expansion of the Manchester Metrolink.
