Dundee’s branch of the V&A could benefit from a multi-million pound cash injection from Europe.
Negotiations are under way to secure between £3 million and £4 million of European Union (EU) funding for the £45 million centre of design, set to open on the banks of the Tay in 2015.
The money would be allocated from the European Regional Development Fund (ERDF), which helps support economic regeneration in EU member states.
The Scottish Government is backing the V&A team in their application, although no timescale has yet been established for the bid.
If the application is successful, the money will bring the project a step closer to its £45 million price tag.
The Scottish Government has already pledged to cover one-third of the cost, as well as providing millions of pounds of revenue funding for running and design costs, and earlier this year the development qualified for £9.2 million of cash from the Heritage Lottery Fund.
The ERDF cash forms part of the remaining £15 million to be raised from public and private sources.
Will Dawson, the city council’s development convener, noted the ERDF has benefited a number of recent schemes in Dundee.
He said: ”The ERDF has put £2.2 million towards the new station concourse and the transport hub there, and also the business incubator scheme down at Seabraes.
”The college and universities have both benefited from the ERDF over the last few years, and it’s also fed into our partnerships such as BioDundee and the Stobswell regeneration project.”
A spokesman for the V&A at Dundee said: ”We are in the application stage for European funding and are progressing with help from the Scottish Government. This is a process that does take a considerable amount of time.
”We are continuing to develop the funding which will support the project, speaking to government, public bodies and sources of private investment, including trusts and foundations.”