Some of the money will be spent on the town's seafront
Aberystwyth is to benefit from millions of pounds of new investment over the next three years.
The town was named a Strategic Regeneration Area (SRA) by officials last October, and £10.3m in funding has now been announced for the scheme.
It is designed to improve prosperity by regenerating housing and stimulating the local economy, employment and business growth.
The cash boost was announced by the Welsh Assembly Government.
Ministers said the new investment would focus on five areas.
The town, seafront and promenade, housing, employment and business growth, economic inactivity and sustainable travel.
Mid Wales 'capital'
Deputy Minister for Housing and Regeneration, Jocelyn Davies said: "This is excellent news for the people of Aberystwyth who will see huge improvements to their town over the coming years.
"The plan will address a number of key issues and will reflect the main regeneration needs and opportunities in the area.
"The programme will work to complement and add value to existing and planned activities which already contribute towards the regeneration of Aberystwyth and make the town a better place to live and visit."
Ceredigion's Liberal Democrat MP Mark Williams said he was pleased with the news.
He added: "I have long argued that Ceredigion needs investment and I am pleased that the assembly government has listened to the calls of many in the area to develop Aberystwyth as a major focal point for mid Wales."
Ceredigion AM Elin Jones said the funding would provide a "welcome boost" for businesses in the town.
The Plaid Cymru AM added: "These regeneration plans will also help establish Aberystwyth as the capital for mid Wales and I look forward to see the action plan once it's complete."