The funding is part of wider package of support from the Welsh Government to the economic development and regeneration of Newport.
The money will be awarded to Newport City Council to carry out the demolition work needed for work on the Friars Walk retail scheme to begin. The scheme is expected to leverage £88m of private sector investment to create over 390,000 square feet of retail and leisure space including a major department store, a multiplex cinema and a wide range of shops and restaurants.
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These will be supported by a modern 360-space car park and new bus station. It is expected to create up to 1,000 retail jobs and up to 300 jobs associated with the construction phase.
Mrs Hart said: "I am pleased to be able to offer this funding to Newport City Council to ensure this vital regeneration project can get started. The Friars Walk retail scheme will create hundreds of jobs locally and is important for the regeneration of the city centre.
"This funding is another example of the Welsh Government's commitment to delivering economic growth and jobs through capital investment."
(CD/JP)
