£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
A mild and cloudy start to the day, but persistent rain will soon arrive in the south and spread north-eastwards.
The human rights watchdog has unearthed "serious gaps" in the care of people released from police custody in England and Wales.
As many as 30,000 people living with cancer in Wales will be lonely this Christmas, a new estimate by Macmillan Cancer Support shows.