The Culture10 project will feature events for young people

The Newcastle Gateshead Initiative (NGI), which earlier this year lost out on Capital of Culture status for 2008 to Liverpool, revealed the ambitious proposals on Tuesday.

The new project, called Culture10, hopes to attract investments worth �1.2bn and create 24,000 jobs over the next decade.

Organisers also plan to deliver at least 10 new world class cultural facilities by 2010 as well as 10 major sporting events, and 10 international festivals.

Some �60m of the planned �140m cost has already been pledged by the councils of Newcastle and Gateshead.

NGI bosses say that selling Newcastle and Gateshead to visitors as a centre of culture remains a key to the region's economic growth.

Accountancy firm PricewaterhouseCoopers has carried out a study, which claims the aims of the 2008 bid are still achievable - but that it will take until 2010 to complete.

Nation's favourite

NGI chairman Sir Ian Wrigglesworth, said: "This is the decade where the investment in culture will see its greatest return.

"We will continue to work in partnership with our members from all sectors to realise our vision of a world-class cultural city.

"We will not lose the momentum we gained by becoming the nation's favourite for 2008."

Councillor Tony Flynn, leader of Newcastle City Council, added: "The Newcastle Gateshead partnership that promised the greatest cultural programme in Britain in one year, 2008, is stronger than ever now and ready to deliver the best cultural programme in Britain every year up to 2010."

Andrew Dixon, executive director of the Arts Council England, North East, said: "We're opening world-class cultural facilities in Newcastle Gateshead to provide a sea change in opportunity for local people.

"We want to make this the best place to live and work as an artist and a natural host for world-class events and a centre for talent tourism."

Some of the events planned include an international river festival in 2005, a Shakespeare festival in 2007 and a world summit on arts and culture, also in 2007.