The new bridge will form part of the Tay Cities Deal and was announced at Perth College by Scotland's First Minister Nicola Sturgeon.
The Scottish government has announced £10 million for an industrial investment programme to support manufacturing businesses across the Tay Cities Region.
The investment forms part of a much larger investment that intends to reduce congestion and promote economic development in the region.
A total of £40 million will go towards the Cross Tay Link Road project, which will link the A9 with the A93 and A94 north of the ancient village of Scone.
This will include building a new bridge over the River Tay that will reduce congestion and promote economic development in the region.
The investment was announced in a speech by Nicola Sturgeon, who said that the £50 million would “support transport infrastructure and manufacturing projects, benefiting people and businesses and ensuring the area continues to grow and thrive.
“As well as opening up land for new housing and employment sites the Cross Tay Link Road will reduce traffic congestion in and around Perth and improve the air quality in the city centre and Bridgend.”
Business quango Scottish Enterprise will allocate the £10 million allotted for manufacturing investment, which is intended to support businesses in Tayside, Angus and north Fife.
Part of the funding is intended to go to the Michelin tyre plant site in Dundee. Back in November, Michelin announced the plant would close by mid-2020 with the loss of 845 jobs. In December though, a deal was made between Michelin and Scottish ministers aimed at repurposing the factory.
Nicola Sturgeon reiterated her government’s commitment to secure the site’s future. She said: “The future of the Michelin site –which Michelin is committed to being a part of as well – is a key focus of our ambitions for manufacturing in Tayside, so I have got no doubt it will feature in the discussions as they move forward.”
The investment adds to the £300 million that both the UK and Scottish governments have already committed to the Tay Cities Deal. The deal was signed off last November by the two governments with each government providing an equal amount.
It is estimated that the deal will benefit half a million residents of a region and create up to 15,000 job opportunities over 10 years. The deal comprises five local authority areas, including Dundee and Perth. The former is home to a strong video game industry as well as The Beano and The Dandy magazines.
The deal involves various local actors involved in sectors ranging from business, third sector, higher and further education and local government working together to create growth more quickly and sustainably by using public investment.
Reporting by Harry Wise