Thousands of jobs and investment worth more £400 million are being forecast as part of a scheme to boost business and improve infrastructure.
Falkirk Council hopes to attract the long-term investment to unlock industrial areas, improve motorway links and contribute to flood defences at the port and refinery in Grangemouth.
The local authority won approval to borrow £67 million against future estimated business rates income, known as Tax Incremental Financing (TIF), for its 25-year plan.
The scheme will boost jobs locally and help the wider economy of Scotland, Deputy First Minister Nicola Sturgeon said.
“The Falkirk TIF will allow dozens of major construction developments across the area to unlock significant economic development and regeneration,” she said.
“It will allow Falkirk and Grangemouth to maintain and grow a number of industries and sectors that are important nationally such as petrochemicals, manufacturing and port activity against the backdrop of highly competitive global industries.”
The initial outlay is expected to attract more than £400 million in private investment and create almost 6,000 jobs and hundreds of apprenticeships, according to the Scottish Government.
Council leader Craig Martin said: “This investment signals a new chapter for Falkirk as it gears up to play a significant role in Scotland’s economic growth, export trade and jobs creation.
“Key infrastructure development will unlock more opportunities in our key sectors of chemicals, manufacturing and logistics, ensuring these high-value, job-creating industries can thrive to benefit the whole of Scotland.”
The scheme involved work from Forth Ports, the council, Scottish Enterprise and the Government. It was led by the Scottish Futures Trust, the body responsible for finding best value for money in public infrastructure works.