The Chancellor has ratified nearly £20 million of funding to regenerate the waterfront at Barry Docks.
The Levelling Up funding was awarded last November by the previous UK Government for the Barry Making Waves project, centred around The Mole.
Rachel Reeves approved Vale Council's bid for £19.9 million as part of the Budget announced on Wedmesday.
Plans for the waterfront include a new marina and watersports centre, while the historic Dock Office will provide commercial space for businesses.
Associated British Ports (ABP), the Ocean Watersports Trust and Cardiff and Vale College - who plan to build a new campus nearby - are among those who have contributed to the scheme so far.
It's hoped the Making Waves scheme could become a reality by the end of the decade.
Council leader Lis Burnett said: "This project has been a long time in the making and it is great to see be approved. The Barry Making Waves project marks the next step on a regeneration journey that has already seen significant investment."
"This news combined with the announcement that up to an additional £20 million will be made available to the Barry Partnership means that regeneration projects will be supported across the length and breadth of Barry."
"I am confident that these projects will inevitably strengthen connectivity between the town centre and the waterfront and create much needed training and employment opportunities."
Doubts had been raised about its future when power changed hands at the general election in July, with the incoming UK Government pausing the scheme for review.
But on Thursday, the council confirmed it would receive the funding as planned - with annual payments of £2 million being made to the Barry Partnership over the next ten years.
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