The Welsh Assembly has pledged tens of millions of pounds to an initiative to keep Swansea city centre’s £1bn regeneration on track.

Swansea will be designated a Strategic Regeneration Area and the Assembly will target social and economic regeneration in the area with a specific budget, deputy minister for regeneration Leighton Andrews said.

The move will support the Swansea City Centre Framework – the £1bn plan to redevelop the town centre which is being led by Swansea City Council and the Assembly government.

The regeneration team is aiming to address economic inactivity; reduce levels of deprivation; create affordable housing in the centre; deal with urban dereliction; encourage a community schools initiative and develop a competitive economy.

The Assembly is setting up Strategic Regeneration Areas across Wales for places in need of regeneration, following a model created in the Heads of the Valleys.

Andrews said: ‘The SRA proposals for Swansea are designed to address key social issues while also capitalising on the abundant opportunities that exist within and around the city.

‘The regeneration of Swansea will require a range of integrated interventions which will be mainly directed at the centre of the city where there is potential for greatest impact, working with communities to create business and educational opportunities.

‘While helping to deliver a number of commitments in the One Wales programme the SRA proposals will provide vital support for the city centre framework which sets the longer term vision for Swansea with the target of attracting more than £1bn of new investment and 9000 additional city centre jobs over the next ten to fifteen years.’