North Lanarkshire Council is to sign up for an investment plan devised by the UK Government and co-funded by the Scottish Government.
The Glasgow Clyde Valley City Deal will see up to £500m pumped into the West of Scotland with the same amount also coming from Holyrood.
It is hoped this investment, which will be used to fund various infrastructure improvements such as a byoass of the A73 around Airdrie, will attract over £3bn in private investments into the area.
On Monday the Policy and Resources Committee agreed to sign up to City Deal.
The GCV authorities will then share in the proceeds over the next 20 years.
Jim McCabe, leader of the council, said: “I look forward to signing the agreement confirming our commitment to progress this major investment package later this week.
“Many months of hard work lie ahead to develop and implement the GCV City Deal. It represents a huge opportunity for North Lanarkshire and our partner authorities.”