£175.5m of the Welsh Government's infrastructure investment will go towards transport and flood defences.
It includes £62m for Phase 1 of a new scheme to create a South East Wales metro system through better bus and rail links.
The metro scheme aims to connect Cardiff, Newport and the Valleys as part of a wider city region.
The Welsh Government says it will commence this year.
£3.5m funding is allocated for 2013-14, with £28.7m for 2014-15, and £29.8m for 2015-16.
More top news
The Prime Minister has been asked to raise the unsolved murder of a Welsh backpacker with the authorities in Thailand, where she was killed.
The Charity Commission is investigating Capricorn Animal Rescue and Sanctuary over its governance and management.
A cloudy day with outbreaks of rain, turning heavy and persistent at times, especially over the hills and in the west.