According to government minister Jeff Rooker, a new Urban Regeneration Company should attract at least £160m of investment.

Its board members will bring together representatives of private companies and public sector bodies.

Mr Rooker says the Bradford URC "will engage key players in improving the quality of life for the people of Bradford."

Bradford is bidding to be Capital of Culture

The new company has been welcomed by the leader of Bradford Council Margaret Eaton.

She says it "sends out an important message about where we are going".

She adds: "The nature of the new company will bring a fresh, dynamic approach to attracting new jobs and investment."

Councillor Eaton thinks it should also help Bradford's bid to be European Capital of Culture in 2008.

Local organisations

Work will now start on setting up a shadow board for the company before its formal launch next year.

One of its first tasks will be to draw up a long-term masterplan in partnership with local organisations.

Similar URCs are already operating in Hull and Sheffield.