PRIVATE finance to the tune of £1billion is set to turn part of the county into a world-leading city.

Eighteen international and national investors have told Medway Council they are prepared to commit the cash to transform the Medway Towns into a diamond city region.

The potential investors will now have to win over the council. At best, only three are expected to survive a weeding process. But they will have to agree a long partnership.

Cllr Rodney Chambers, leader of Medway Council, said they would be tying themselves to Medway for the next 25 years.

"We aren’t looking for anyone trying to make a quick buck," he said.

The news came as the council’s cabinet approved two major planning briefs.

First to get the go-ahead were the rules for rebuilding the area around the Pentagon shopping centre.

Then the cabinet approved the design brief that will allow a former rubbish tip between Strood and the M2 motorway to be turned over to environmentally-friendly houses, a commercial sector and a new timber yard.

Cllr Chambers said: "Today, we move away from aspirations and start on the road to delivery. It is all coming together."

He said when he became leader of the council in 2000, he never dreamed that six years later, the five major regeneration projects would have advanced to this stage.

"We have had two abortive attempts at Rochester Riverfront, for example," he said.

"I’ll be honest – the money that the Government made available through the sustainable communities fund (£120million) has enabled us to put together sites ready for development and I am confident that the Government will get a good return on that money."

The Pentagon redevelopment will see £160million invested in it by its owners, Dunedin Property, a major investor.

Another £60 million will be invested in Temple Riverfront, formerly known as Temple Marsh. It will have up to 600 new homes.