BIRMINGHAM Airport’s long-awaited runway extension is to come under a key spotlight next week – with more than £15 million of crucial funding now in the bag.

Airport board members will meet next Tuesday to discuss the approval of £15.7 million for the upgrading of the A45 confirmed this week by Deputy Prime Minister Nick Clegg in the first round of the Government’s Regional Growth Fund.

The announcement provides half the funds needed for the diversion of the A45 to accommodate the runway extension, which could be up and running by 2014.

Birmingham Airport chief executive Paul Kehoe welcomed Nick Clegg’s announcement as “excellent news” for the project, which promises to create up to 3,400 new jobs and deliver a £631 million boost to the local economy.

Mr Kehoe said: “The Regional Growth Fund investment in the A45 transport corridor is excellent news for all the businesses operating along the corridor between Birmingham, Solihull and Coventry.”

Airport spokeswoman Justine Hunt said: “This development is another helpful step in terms of the business case.”

Airport bosses hope a new phased scheme, at virtually half the £120 million cost, could deliver up to 95 per cent of the original anticipated capacity.