The Cumbria Local Enterprise Partnership revealed an expansion to its Growth Deal with the government at the end of January which will see an additional £20.9m invested in projects across the county between 2016 and 2021, bringing the total amount of investment to £47.7m.
It is estimated that the deal could see up to 3,000 new jobs and homes built over the lifetime of the deal.
Included in the proposals is the development of Barrow Waterfront Enterprise Zone, Phase Two of the Connecting Cumbria project and infrastructure developments in Ulverston to support the expansion of GSK and housing developments.
George Beveridge, chairman of Cumbria Local Enterprise Partnership (LEP), said: “This announcement is welcome news for Cumbria; it supports our economic strategy and is further evidence of the county co-operating with government to unlock the significant growth potential in Cumbria.
“This expansion to our existing Growth Deal, provides the LEP with further resources to deliver additional projects aimed at improving the long-term economic performance of Cumbria in line with our strategic ambition.
“As a result of this investment Cumbria can expect to see improvements in skills, business support and broadband infrastructure in addition to a reduced risk of flooding and new commercial property.
“It is by putting these vital elements in place that Cumbria can unlock its significant economic potential.”
Brendan Sweeney, deputy leader of Barrow Borough Council, said: “This is excellent news for Barrow and the whole area.
“It opens up more opportunities for businesses to come into the town and for job opportunities within Barrow for local people.
“It is an important step for Barrow’s continuing economic prosperity and increased job opportunities for the population.”
Westmorland and Lonsdale MP Tim Farron said: "This package of further funding will boost our local economy and help create new jobs and stimulate growth. This deal is good news for Cumbria.
“I am particularly pleased to see more funding for broadband within the package – this is something I have pressed for repeatedly because we need more connectivity to ensure that no-one is left behind.”
Clive Peaple, Liberal Democrat candidate for Barrow and Furness in the general election, said: 'This is very,very good news for Furness as a whole.
"The resuscitation of the dock project is exciting 'joined up' thinking.
"The roll out of superfast broadband can't happen quickly enough for rural Furness.
"Liberal Democrats have been pushing for this from the start. The provision of flood defence and water level work at Ulverston gives long term reassurance.
"Last but not least, the build up of technical courses at Furness College gives hope for young people in the area. LEP must be congratulated on farsighted long term planning."
Simon Fell, the Conservative candidate for Barrow in the election, said: "This £20.9m of extra funding is fantastic news for local people in Barrow and Furness.
"Crucially, decisions on how this money is spent are being made by local people who are best placed to ensure it makes a real difference.
"Projects like the new Advanced Manufacturing Technology Centre at Furness College will help bring growth and prosperity to our area.
"This Growth Deal is a key part of our long-term economic plan to secure a better future for the hardworking people of Barrow and Furness.
"Its funding will help local businesses create the jobs we need so more hardworking families can have the security of a regular pay packet, and will help equip our young people with the skills they need to get on in life."