Swansea's city centre and waterfront areas are poised to undergo a major £38m transformation after the Welsh Assembly Government approved funding for the scheme.

A £28m funding package, which includes £20m from the European Union's (EU) Convergence European Regional Development Fund, will go towards Swansea Council's Waterfront City initiative. Plans include the creation of a landmark European-style boulevard along the Oystermouth Road, Victoria Road and Quay Parade corridor to improve links between the city centre and the waterfront.

Public realm enhancements, including footpaths, cycleways, street furniture and street art also form part of the proposed boulevard, which will eventually extend from the Tawe Road bridge to the east of the city to the Civic Centre in the west. Improvements will also be made to buildings and shopfronts throughout the city centre, while three waterfront locations on the banks of the Tawe and the seafront promenade will also be upgraded.

Leighton Andrews, Welsh deputy minister for regeneration, said: "[The scheme] will drive forward a major programme of physical regeneration projects geared to support economic growth and tackle some of the issues affecting communities within the city centre area. "It will lay the foundations designed to bring long term economic and social benefits to businesses, people and communities in the region."

Swansea Council leader Chris Holley added: "This is one of the most significant investments in Swansea during the past 50 years and is wonderful news for the city. "It's been our ambition for many years to improve connections between the city centre and the waterfront and I'm delighted this investment will help us achieve that."