After funding arrangements were recently agreed upon by the Jerusalem Municipality and Finance Ministry, plans to construct one of the nation’s largest business centers at the western entrance of the capital are expected to be approved.

Final approval of the project, estimated to cost the Treasury approximately NIS 1.2 billion, is expected in the coming days or weeks, the Jerusalem Municipality said Wednesday.

According to the municipality, the plan includes the development of nearly 750,000 sq.m. of offices and commercial businesses, and will feature eight office towers to accommodate over 40,000 expected jobs in the city.

In the next few months, Moriah, a development company under contract with the municipality, is to begin construction of the 21.1-hectare (5 acres) site.

Jerusalem Mayor Nir Barkat, who spearheaded the project, said in recent years the capital has become increasingly attractive to local and international investors, which he hopes will help transform the city’s presently anemic economy.

“A new business district at the entrance of the capital will provide extra power to the significant development of the city,” said Barkat in a statement. “Beyond creating 40,000 new jobs at the most accessible location of the city, this business center will attract companies, investors and many financial institutions.”

In addition to the business center, the mayor said over 2,000 new hotel rooms will be built to accommodate Jerusalem’s increasing tourist industry.

The mayor said the business district will also include improved transportation, including train service to and from Tel Aviv, two additional Light Rail lines and over 1,300 new parking spaces.

“This will revolutionize business and transportation in Jerusalem,” said Barkat.

In addition to the massive development, Barkat said