MORE than 500 jobs are set to be created in the Basingstoke area as a result of a £13.5million investment in major road improvement schemes.

Enterprise M3, the Local Enterprise Partnership (LEP) for the M3 corridor, today said it has approved the funding to accelerate economic growth in the region.

Two schemes in Basingstoke have been awarded £9.9m and £3.6m has been awarded for the Runnymede roundabout scheme in Surrey, which has connections to the M25, Heathrow Airport, along with Staines, Egham and Windsor.

The two Basingstoke schemes are for the A33 Basingstoke North-Eastern Corridor, heading from the A339 ring road towards Reading, and the A340 Basingstoke North Corridor, that goes to Tadley.

The plans for the Basingstoke North-Eastern Corridor aim to reduce peak hour delays, which will help to support job retention and create jobs.

Enterprise M3 bosses believe more than 500 permanent jobs – 366 direct jobs and 159 indirect jobs – will be created as work on the scheme progresses.

It is anticipated that these improvements will contribute to the creation of over 2,000 new jobs at Chineham Park and Hampshire International Business Park.

This latest news follows Enterprise M3’s announcement earlier this week of its commitment of £4.35million for sustainable transport schemes in 2015-16 across Hampshire and Surrey.

Enterprise M3 Local Enterprise Partnership chairman Geoff French believes the schemes could create more than 5,000 jobs across the two counties and ensure the retention of thousands of more.

Over time they are expected to generate financial benefits in excess of £100m for the Enterprise M3 area.

Speaking about today’s cash injection, Mr French said: “Economic prosperity in our area is facilitated by an effective and reliable transport network, and we have therefore placed a focus on infrastructure development at the heart of our economic strategy for the area.

“These three transport schemes will dramatically increase job opportunities, accelerate housing delivery and generate multi-million pounds worth of investment in the region.”

Councillor Seán Woodward, executive member for economy, transport and environment at Hampshire County Council, said: “The A33 and A340 corridors are important roads linking employment and housing areas within Basingstoke, but both routes currently experience significant traffic congestion, particularly during peak travel times.

“With a number of proposed new commercial and residential developments nearby, traffic levels are set to increase so improving existing junctions and roundabouts on these corridors will help keep the traffic moving around the town and support the unlocking of this development, helping to create jobs and boost the local economy.

“One of the key challenges for economic growth is to ensure high-quality transport links for businesses to enable existing firms to expand and to attract new organisations to the area, to locations such as Basing View and Chineham Park.

“The improvements planned for the A33 and A340 are the result of our successful bid for just under £10m in Local Growth Fund funding to the LEP, towards the £12.2m cost of these schemes.

“The improvements which will be delivered in phases over the coming years, starting this year, will help unlock economic growth by supporting the new developments, reducing congestion and improving safety for pedestrians and cyclists.”