Milton Keynes' bid for the Government's City Deal has progressed to the next round.
This news was confirmed to city MPs Iain Stewart and Mark Lancaster by Treasury Ministers.
City Deals are a key part of the Government's objectives of rebalancing the economy and boosting private sector growth. It will see central government devolving powers to local authorities in exchange for responsibility for boosting jobs and delivering economic growth.
Milton Keynes was invited last year to participate as part of the Second Wave of the initiative.
Commenting, Mr Stewart said: "This is really good news for the city and further confirms Milton Keynes as a major economic player in the region. I am looking forward to our success in this initiative."
Mr Lancaster added: "With an already thriving and successful local economy, the news that Milton Keynes has got through to the next round of the City Deal is fantastic. I am hopeful that we will be triumphant in the next round and that the initiative will further help boost our economy."