North Lanarkshire Council's (NLC) plans to use Tax Incremental Financing (TFI) to fund a £73m investment in the Ravenscraig regeneration scheme has been approved.

Scottish finance secretary John Swinney has provisionally backed the proposals, which will help finance the second phase of the redevelopment project. TIF has been developed by the Scottish Futures Trust, which involves borrowing cash from the Public Works Loan Board to finance major infrastructure schemes.

The second phase of the Ravenscraig project will include road upgrade and improvements to infrastructure in order to help create a new town centre at the site. Swinney said: "The Ravenscraig regeneration scheme is vitally important to the future of the North Lanarkshire and wider Scottish economy.

"Following the Edinburgh Waterfront TIF project, which has now been formally signed off, Ravenscraig is the second pilot project to be given the green light by Scottish ministers."